ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Good Results amidst Financial Melodrama

Good Results amidst Financial Melodrama Hansavivek ALFRED HERBERT (INDIA) is in turmoil, Alfred Herbert of UK, which held 40 per cent of the share capital of the Indian company, went into voluntary liquidation on October 17, 1980. Two liquidators were appointed. The name of the company was subsequently changed to Jooper Engineering, and then to A H Realisations. The liquidators wrote to the chairman of the Indian company on November 5, 1980, advising him that they had entered into an agreement with National Insulated Cable Company of India (NICCO) for sale of their .shareholding in the company, and that, in terms of their agreement, some representatives of NICCO should join the hoard of directors of the company. At a subsequent board meeting, W T Lees, one of the expatriate directors, proposed appointment of five additional directors to the board, which included two representatives of NICCO. The board declined to appoint additional directors, whereupon the liquidators requisitioned, under section 169 of the Companies Act, an extraordinary general meeting for appointment of six additional directors

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