The Hindu Business Line : Jessop stake sale: Status quo on plea against stay order

A DIVISION Bench of the Calcutta High Court comprising the Chief Justice, Mr A.K. Mathur, and Mr Justice J.K. Biswas, today passed an order of status quo in respect of appeals respectively filed by the Jessop & Co. Employees' Union, Bharat Bhari Udyog Nigam Ltd (BBUNL), Government of India and Ruia Cotex Ltd (RCL).

The appeals were against the earlier stay order, and on a single cause of action. While the employees association expressed grievance as the court did not hold JCL as being in the strategic sector, BBUNL filed the appeal as the trial court had not lineated the status of BBUNL.

All the appeals were challenging the order of the trial court, passed on March 28, 2003. The Government of India is aggrieved as the sale of stake has been stopped. RCL went in appeal, as, in spite of purchase, by an order of the court it was not in a position to take possession.

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