A bench of Chief Justice Mohit Shah and Justice Nitin Jamdar, in the order yesterday, also directed Zenith to file an affidavit by May 10 giving full description of the Andheri property. The matter will now be heard on May 11.
The court directed Zenith to mention the particulars of assets, including immovable properties as well as plant, machinery and other assets like fixed deposits, and the status of such assets (whether encumbered or not, details).
Zenith Infotech had offered convertible bonds worth USD 33 million at 3 per cent coupon rate in September 2006, due for repayment or redemption in August 2011. In August 2007, Zenith offered another tranche of convertible bonds worth USD 50 million at the same coupon rate, due for repayment or redemption in August.
BNY Mellon, an asset management and securities services provider, is the trustee holding the bonds in trust for the bondholders.
As Zenith Infotech defaulted on payment, the bank filed a suit against the company in the Bombay High Court.
A single judge of HC, on March 1, passed an order saying that the plaintiff (bank) was not entitled to get a copy of valuation report in advance. However, hearing the appeal filed by the bank, the division bench has set aside this order.
The bench asked Zenith to furnish to Ernst & Young Pvt Ltd a copy of the its affidavit, along with a copy of the April 15 report of Grant Thornton indicating the valuation of Zenith's cloud computing business.
Further, the company will have to furnish to the BNY Mellon and also to Ernst & Young Pvt Ltd a copy of its audited and unaudited accounts for the quarter ended December 31, 2011, and copy of the unaudited accounts for the quarter ended 31 March by May 18.
The judges ordered that Ernst & Young, after going through these documents, would submit further report about the valuation of the cloud computing business of the defendant (Zenith), indicating the value of its assets.
