https://www.taxtmi.com/caselaws?id=459744 Bombay HC dismissed appellant's appeal against winding up order for defaulting on US$ 100 million bonds. Court rejected appellant's offer to sell cloud computing business, citing inadequate assets worth only Rs. 410-420 crores against massive liability, mounting interest, and appellant's unacceptable conditions including setting aside rather than staying winding up order. HC found appellant diverted US$ 44 million to Dubai subsidiary, showed no remorse, and failed to provide viable revival scheme. Winding up order stayed until August 31, 2014 to facilitate going concern sale. Application to expunge adverse judicial remarks rejected. en-us Wed, 23 Apr 2014 00:00:00 +0530 Thu, 26 Dec 2024 14:05:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459744 Bombay HC dismissed appellant's appeal against winding up order for defaulting on US$ 100 million bonds. Court rejected appellant's offer to sell cloud computing business, citing inadequate assets worth only Rs. 410-420 crores against massive liability, mounting interest, and appellant's unacceptable conditions including setting aside rather than staying winding up order. HC found appellant diverted US$ 44 million to Dubai subsidiary, showed no remorse, and failed to provide viable revival scheme. Winding up order stayed until August 31, 2014 to facilitate going concern sale. Application to expunge adverse judicial remarks rejected. Case-Laws SEBI Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459744