https://www.taxtmi.com/caselaws?id=103511 The High Court of Andhra Pradesh ruled in an application under section 529(2) of the Companies Act, 1956 that secured creditors, Bank of India and the A.P. Industrial Development Corporation (APIDC), are liable to pay watch and ward staff salaries and arrears. The court determined a 2:5 ratio for the payment of salaries between the bank and APIDC. The court held that both secured creditors must share the burden until APIDC decides to relinquish its security. The judgment clarified that APIDC could seek exemption from liability by opting out of the winding-up proceedings. The court directed payments to be made accordingly. en-us Wed, 02 Mar 1994 00:00:00 +0530 Thu, 23 Feb 2012 13:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103511 The High Court of Andhra Pradesh ruled in an application under section 529(2) of the Companies Act, 1956 that secured creditors, Bank of India and the A.P. Industrial Development Corporation (APIDC), are liable to pay watch and ward staff salaries and arrears. The court determined a 2:5 ratio for the payment of salaries between the bank and APIDC. The court held that both secured creditors must share the burden until APIDC decides to relinquish its security. The judgment clarified that APIDC could seek exemption from liability by opting out of the winding-up proceedings. The court directed payments to be made accordingly. Case-Laws Companies Law Wed, 02 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103511