WILLIAMSON MAGOR AND COMPANYLIMITED AND ASSOCIATED CONCERNOFFICERS ASSOCIATION Vs. MACNEILL AND MAGOR LIMITED

JUDGEMENT

(1.) This appeal is directed against orders dated April 9, 2003 and July 15, 2003.

(2.) It appears that in the appeal an application has been filed by the Williamson Magor & Co. Limited formerly known as Macneill & Magor Ltd. for recalling of the orders passed by the learned Company Judge on April 9, 2003 and July 15, 2003. It is further prayed that a suitable direction be passed by the Court discharging and/or reliving Williamson Magor & Co. Limited (hereinafter referred to as WML) from any liability of payment of pension to the retired officer of Macneill Engineering Limited.

(3.) The facts appears in this matter is that in or about February, 1990 a Scheme of Arrangement (hereinafter referred to as the 'said scheme of 1990') was filed by the company before this Hon'ble Court in C.P. No. 172 of 1990 connected with C.A. No. 28 of 1990 whereby the Material Handling Division and the Electrical Division of William Magor & Co. Limited (hereinafter referred to as WML) were transferred to the Macneill Engineering Limited (hereinafter referred to as MEL) along with the transfer of all the assets and liabilities and the employees relating thereto. The said scheme of 1990 also provided that MEL shall establish a separate provident fund and superannuation fund. It was also provided that the accumulated balance standing to the credit of the employees and officers of MEL in the existing superannuation fund and provident fund shall be transferred to the said new fund to be established by MEL. On or about April 8, 1999 MEL has established a new fund called "Macneill Engineering Limited Superannuation Fund."