The Calcutta High Court has barred Satyaprakash Arya, a city-based industrialist, from representing Incab Industries Ltd in any manner till February 15, 2002.
Arya claimed to have acquired 51.16 per cent stake in the ailing cable company. Responding to a petition, filed by Leader Universal Holding Berhad of Malaysia, Justice D K Seth passed the order and directed all concerned to file affidavits in the case.
Ratnanko Banerjee and Nilina Chatterjee, counsels for Malaysian company, argued that, "Leader and Arya had signed a share transfer agreement on September 29, 2000, by which the latter was to buy the 51.16 per cent shares of Incab from Leader on fulfilment of certain conditions by Arya. But as Arya failed to fulfil the conditions, the deal fell through".
Pratik Banerjee and Vijayanand Misra, counsel for Arya, disputed the argument and said that Board for Industrial and Financial Reconstruction (BIFR) had accepted the right of Arya to represent the company before the board with regard to Incab's revival scheme.
Subod Chandra Ukil, counsel for Incab Industries, prayed for an order directing the central government to launch an investigation in relation with Arya's activities in Incab.
It was alleged that Arya had colluded and conspired with one P Ghosh, a former whole time director of the company, to set up a false employees union and obtained a decree from the City Civil Court of Calcutta regarding interference the affairs of the Incab.
Jamshedpur Mazdoor Union of Incab supported the prayer for injunction.
Earlier, the Malaysian company had filed a suit against Arya alleging that Arya with the support of P Ghosh, caused loss to Incab and as the agreement for share sale was cancelled, Arya has no right to interfere with the management of Incab.
