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of <h1>High Court Order: Funds distribution ratio set for workers & secured creditors in Omex Investors Ltd.</h1> <h3>TEXTILE LABOUR ASSOCIATION Versus O.L. OF OMEX INVESTORS LTD.</h3> TEXTILE LABOUR ASSOCIATION Versus O.L. OF OMEX INVESTORS LTD. - TMI 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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