As you are aware, in our last update we had mentioned that Helios and Matheson Information Technology Ltd. had appealed against the winding up order of the single judge of the Madras High Court and had obtained a stay order before the Division Bench (two judge bench) of the said High Court. You can access the stay order by clicking on this link.
It is very clear that in obtaining the stay order Helios and Matheson Information Technology Ltd. has through its lawyers done several things:
- They have not given notice to the depositors of the appeal and have gone and obtained the order behind our backs.
- They have misstated material facts before the court.
- They have misled the court into believing that the scheme proposed by them was a workable scheme. The scheme was clearly not workable when it did not even cover the depositors in entirety or the Promissory Note and Bill Discounting holders.
- They have wrongly stated to the court that 7 crores was deposited which was more than that required to discharge the debt of the petitioners. While the petitioners were only 3, we had filed intervention applications which covered over 45 crores worth of depositors and this aspect was fraudulently not disclosed to the judges.
- They have tried to play a sympathetic approach by claiming that they are willing to settle the dues of small creditors when we have data that a majority of small depositors are not covered by the scheme and there is no mention of any Promissory Note and Bill Discounting holders.
Clearly Helios and Matheson Information Technology Ltd. is lying through its teeth and is attempting all legal tricks to drag this matter in Court. Further updates will follow.