The bank counsel alleged company officials and employees colluded and stripped the company. At least two forensic reports have come out on the financial issues in the company - one from the Reserve Bank of India and another by an expert appointed by the company's board of directors.
A large number of employees had submitted their resignation letters and under this circumstances, the operations of the company had to be taken care by a provisional liquidator, he argued.
First Leasing senior counsel said while it was saddening that the 49-year-old listed company was in such a situation, the company was currently facing a situation in which most of the employees had left their job and the company was not in a position to pay the salary. It also has more than 10 bankers who have lent money to the company.