- (1.) Since the last order dated 13 January 1992 was passed, the matter has been adjourned to be taken up on 17 February, 1992, and the matter has been under consideration since then. The workers have been submitting that the Court consider their part of their case and give them an opportunity to take over the management of the company. It was the contention of the workers that they have sufficient interest in equity, in running of the company.
(2.) In this matter the deadlock between the two groups of share holders, the workers contended that if the share holders continue their respective postures of locking their horns in a deadlock, they will kill the company. Thus, they submit that they may not be denied the opportunity to manage and run the company. They submit that no Court can guarantee them a job, but they should have an equal opportunity to come to the forefront with the sole purpose to survive the company and an initiative be not denied to them.
(3.) The rest of the proceedings of 13 January 1992 as noticed in the order of that day are not being repeated, as all the proceedings are in continuity to a hearing. Suffice it to say that since the Board of Directors was reconstituted by the order of 24th May, 1991 and further an opportunity to the warring groups to sink their differences was occasioned, the factory has not started production until today. Further complications appear to be surfacing. The electricity connection has been cut off, as the two groups of share holders took their difference to such a state that the factory was closed on September 30, 1989. The workers were no part of this factory by which electricity was cut off; nor the Bank. Then here lies the situation where the share holders of the company have brought the business of the company to a halt. The first casualty in the company being out of production, hits the equity of the company as a whole. Loans taken by the company are piling up interest and the workers not being able to join in production are now chasing an illusory arrears of wages which will be difficult to get. The company as a whole seems to be fighting against time. In the face of piling up debts which if the present stage of affairs continue will exceed the assets and this race against time will dash it into destruction. It is like a meteor rushing through space aimlessly entering the earth's atmosphere and putting itself into destruction.;