Delhi High Court restrains Eveready, McLeod Russel from sale of assets

Another estate sale in Assam is underway for a consideration of Rs 28.15 crore. However, following the court's stay, this transaction is being put on hold.

In a blow to McLeod Russel, Eveready Industries and other Williamson Magor Group (WMG) companies, the Delhi High Court has passed an ad-interim ex parte order of injunction preventing all these companies from selling or transferring any of their assets, changing their capital structure, or opting for any debt restructuring proposal.

While McLeod Russel and McNally Bharat Engineering (MBEL) — both WMG entities — have been pushing for debt restructuring with the former opting for sale of its tea estates to pare debt, sources said Eveready is on the lookout for a strategic partner to dilute its battery business and