Madras high court
CHENNAI: In a setback to Coimbatore-based Cheran Enterprises Private Limited, the Madras high court has refused to interfere in an order passed by the Company Law Board (CLB) vesting ownership of 25 acres of land owned by Cheran's subsidiary Vasantha Mills Limited in favour of a Mauritius-based investor and a Singapore based NRI.
CLB ordered transfer of the property to ORE Holdings Limited and a Singapore based NRI N Athappan since Cheran defaulted to pay back Rs 79 crore investment made by the duo with interest as orders by the board.
“This court is of the view that these appeals are yet another act of oppression exercised by Cheran against the investors, by re-agitating the same cause in a different form through its subsidiary Vasantha Mill to delay the inevitable,” said Justice G Jayachandran, passing the order while dismissing appeals moved by Vasantha Mills challenging the CLB order.

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