1999 (4) TMI 257

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.... for all the applicants says that he wishes to confine his arguments to financial hardship. He says that each of the assessee is a sick industrial undertaking as defined in Section 3 of the Sick Industrial Companies Act. Besides a letter dated 13-10-1998 of the Board for Industrial and Financial Reconstruction (BIFR for short) to Patheja Forgings & Auto Parts Manufacturers was cited. He relies upon the balance sheet for 1996-97. He states that no further balance sheet was prepared due to shortage of staff, but has no evidence in support. He contends that this balance sheet shows loss of Rs. 15.51 crores. He cites on behalf of the other assessee, extracts from what is stated to be from the provisional balance sheet, according to which loss w....

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....lthough it shows loss indicated as above. There is not even an application made to the BIFR. We are unable to come to any definite conclusion. The bank statement as of date is unauthenticated. 5. As far as the directors are concerned there is no specific averment of financial hardship. These indicate hardship on the part of the company and had not cited any evidence on the part of the individual applicants. 6. Since no arguments were advanced on merits, the merits of the case therefore cannot play any part in deciding the deposit. Accordingly we direct deposit of following amounts within 2 months from the date of the order.     Amount of pre-deposit Name of the applicants Application Nos.    Appeal ....