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Jessop sell-off: HC declines stay on interim order
Our Legal Correspondent
KOLKATA, May 17
MR Justice K.J. Sengupta of the Calcutta High Court today refused to vacate the interim order passed in the Jessop & Co Ltd's disinvestment case.
Earlier, on March 7, the court directed the Board for Financial and Industrial Reconstruction (BIFR) not to implement the order of disinvestment without the leave of the court.
Mr Harish Salve, Additional Solicitor-General of India, today sought for vacating the interim order.
He argued that the writ petition is founded on the ground that Jessop is an organisation in the strategic sector, and that as per Government rules, it cannot be disinvested.
Mr Salve countered this by stating that the railway management is within the strategic area of Central Government, meaning the management and running of the Railways was within its fold, but the manufacturer of rolling stock relating to Railways, like Jessop, does not come within the meaning of strategic sector as per Central Government policy.
It is only a wild attempt to derail the disinvestment process, the counsel argued.
The court extended the interim order till July 2, and fixed the matter for hearing in June.
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