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Tata Teleservices issues winding-up notice to Subhiksha
By siliconindia
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Friday, 27 February 2009, 21:35 IST |
3 Comments
Mumbai: As the cash-strapped retail chain Subhiksha is finding it difficult to repay the dues of around 
10 crore to telecom company Tata Teleservices, the latter has issued a winding-up notice to the former, reported The Times of India. Tata Teleservices has also started disconnecting about 10,000 connections that they allotted to various Subhiksha outlets in the country.
Meanwhile, Subhiksha founder and Managing Director R Subramanian denied that Tata Telesrvices or any other vendor had filed winding-up petition against the company. "However, we will naturally vigorously contest any such petition to ensure that the ends of justice are met and these petitions are defeated," mentioned Subramanian.
On the other hand, TataTeleservices is monitoring the situation at Subhiksha. Normally, when a subscriber doesn't pay the bill despite being reminded, the telecom firm first cuts outgoing calls, and then incoming calls. And in case the customer's cheques are dishonored, the mobile operator sends notices to the subscriber and then can approach the court.
Making all its effort to recover the money, Tata is however not in favor of a reserve merger proposal, where Subhiksha would be amalgamated with a little-known company called Blue Green Constructions and Investments.
According to corporate lawyers, a winding-up notice is a pre-condition to filing of a winding-up petition in the court. The petition is filed if the defaulter doesn't clear the dues within 21 days of having received the winding-up notice.
10 crore to telecom company Tata Teleservices, the latter has issued a winding-up notice to the former, reported The Times of India. Tata Teleservices has also started disconnecting about 10,000 connections that they allotted to various Subhiksha outlets in the country.
Meanwhile, Subhiksha founder and Managing Director R Subramanian denied that Tata Telesrvices or any other vendor had filed winding-up petition against the company. "However, we will naturally vigorously contest any such petition to ensure that the ends of justice are met and these petitions are defeated," mentioned Subramanian.
On the other hand, TataTeleservices is monitoring the situation at Subhiksha. Normally, when a subscriber doesn't pay the bill despite being reminded, the telecom firm first cuts outgoing calls, and then incoming calls. And in case the customer's cheques are dishonored, the mobile operator sends notices to the subscriber and then can approach the court.
Making all its effort to recover the money, Tata is however not in favor of a reserve merger proposal, where Subhiksha would be amalgamated with a little-known company called Blue Green Constructions and Investments.
According to corporate lawyers, a winding-up notice is a pre-condition to filing of a winding-up petition in the court. The petition is filed if the defaulter doesn't clear the dues within 21 days of having received the winding-up notice.