GOVERNMENT OF KARNATAKA Vs. NGEF LTD. (IN LIQUIDATION)

JUDGEMENT

(1.) By this order, Company Application No. 184 of 2015 filed in Company Petition No. 154 of 2002 between Government of Karnataka Vs. NGEF Ltd. (in liquidation) is being disposed of.

(2.) The said application has been filed by the State Government under the provisions of section 466 of the Companies Act, 1956, read with rules 6 and 9 of the Companies (Court) Rules, 1959, seeking the recall of the winding up order dated Aug. 3, 2004 passed by this court, on the recommendation of the Board for Industrial and Financial Reconstruction dated Aug. 2, 2002 under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

(3.) It has been stated in the said Company Application No. 184 of 2015 that the State Government has 90.28 per cent, shareholding of the respondent-company-NGEF Ltd., and the only other shareholder is M/s. Allgemeine Elektricitats-Gesellschaft Aktiengesellschaft, now known as "EHG Elekto-holding GmbH (EHG)" ("German company" for short) which held 9.72 per cent, of its shareholding.