Breaking News

High Court stays auction of Trinity Beverages properties in Telangana

Hyderabad: A two-judge Bench of the High Court at Hyderabad comprising Justice PV Sanjay Kumar and Justice Uma Devi on Thursday stayed auctioning of properties belonging to Trinity Beverages, Patancheru.

Earlier, the SBI declared the company as a non-performing account and issued a notice to auction the properties. The bank fixed November 30 as the date to sell the properties. The petitioners union contended that the bank proceeded to put to auction the property without considering the various other statutory alternatives and therefore the auction of the assets was not in accordance with law.

Plea on oil firms adjourned

Various oil companies, including IOL, Hindustan Petroleum and Bharat Petroleum, on Thursday, informed the High Court at Hyderabad that they would desist from taking coercive steps or cancelling retail licensee of dealers of petroleum products in Telangana and Andhra Pradesh.

S Surender Rao, counsel for the corporations, told the court that the corporations had moved the apex court for transfer of a bunch of writ pleas from across the country. The writ pleas filed by the Telangana Petroleum Dealers Association and its AP counterpart challenges proceedings of the petroleum companies requiring the retail outlets to adhere to certain wage norms and certain conditions.

The companies also made unilateral contract changes called Market Discipline Guidelines, 2012. K Siddharth Rao, counsel for the Andhra Pradesh’s Association, pointed out that the authorities were insisting upon the petitioner to upload certain information relating to the changed market disciple guidelines.
The judge recorded the statement of the senior counsel and adjourned the matter by 4 weeks. In the interregnum, the corporations are expected to move the apex court for common adjudicating of the matter now pending before different High Court.

The post High Court stays auction of Trinity Beverages properties in Telangana appeared first on Telangana Today.

from Telangana – Telangana Today

No comments