The retailer was forced to shut its network of supermarkets across India due to acute financial crunch.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
The earlier deadline given for a Corporate Debt Restructuring scheme was July 31. According a senior counsel who is close to the development, Cash and Carry has requested for a meeting with secured and unsecured creditors to work out the compromise. C&C was a firm promoted by R Subramanian, promoter and managing director of Subhiksha. Subramanian was not available for a comment and he did not respond to an e-mail sent by Business Standard.
The Supreme Court on Friday stayed criminal proceedings against former chairman of Wipro, Azim Premji, and his wife on their plea seeking quashing of the summons issued by a Bengaluru trial court on a "frivolous"and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three firms with a Premji group firm. A bench of Justices Sanjya Kishan Kaul, Dinesh Maheshwari and Hrishikesh Roy also issued notice to an NGO, Indian Awake for Transparency and others and sought their response. Senior advocates Mukul Rohatgi, A M Singhvi appearing for Premji and others said that the complaint was "mischievous" in nature.
