High Court Order: Funds distribution ratio set for workers & secured creditors in Omex Investors Ltd.

The Gujarat High Court directed the distribution of funds between workers and secured creditors of Omex Investors Ltd. with a ratio of 81.74% for workers and 16.26% for secured creditors. An interim order mandated the disbursement of Rs. 55,00,000 to workers, with the Official Liquidator allowed to break an F.D.R. for payment facilitation. Further discussions were set for a later date, maintaining transparency through a separate account. The case was adjourned for further proceedings on 27.11.2002.

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The Gujarat High Court passed an order in Company Application No.219/99 related to Company Petition No.156/89, directing the distribution of funds between workers and secured creditors of Omex Investors Ltd. The Chartered Accountant determined a ratio of 81.74% for workers and 16.26% for secured creditors, disputed by the State Bank of India. An interim order directed the Official Liquidator to disburse Rs. 55,00,000 to the workers, with further discussions scheduled for a later date. The Official Liquidator was permitted to break an F.D.R. to facilitate the payment to workers, maintaining a separate account for transparency. The case was scheduled for further proceedings on 27.11.2002.

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