K'taka HC disposes BGML application

Bangalore, Dec 15 (UNI) The Karnataka High Court today disposed of an application filed by the Bharat Gold Mines Ltd, seeking permission for the implementation of the Union Government's proposal with regard to sale of the company assets and distribution of the proceeds among all the company creditors in equal proportions in pursuance of the recommendations of the Court.

Mr Justice K L Manjunath granted time to the respondents to file their counter and posted the matter to the first week of January, 2007.

The court granted permission to the Union Government to invite global tenders to ascertain the available assets of BGML and consider its revival either by the BGML Employees Supervisors and Officers United Forum or any other authority and the Centre was directed to make a submission with regard to the amount payable to each employee as an interim measure, subject to the final accounts.

UNI XR GD VD BST1920