The annual report of Department of Company Affairs stated that 5,145 companies were under liquidation as on March 31, 1998 as against 4,991 companies at the end of March 1997. During the year, 109 companies were wound up as against 74 wound up in 1996-97. Among the 263 non-government companies taken into liquidation, 55 were public limited companies.

The period under review also saw the number of companies seeking approval to raise money from the public dwindle to all timelow. Only 12 non-government, non-financial public limited companies sought permission to raise Rs 74.87 crore from the public. In contrast, in 1996-97, 269 non-government, non-financial public limited companies sought permission to raise Rs 1,549.43 crore from the public.

HC orders liquidation of Altos India
NEW DELHI: The Punjab and Haryana high court has ordered the liquidation of Altos India Limited, promoted by the PCL Group of Dadan Bhai. The department of company affairs under the order of the high court has appointed a liquidator for Altos India Limited. The DCA has directed the liquidator to take over all assets and management of the company which is the manufacturing arm of the PCL Group. Company sources said Bharti Telecom had assisted the liquidation of Altos India, with a view to take over possession of premises and goods by court orders. Sources said that although Bharti Telecom was neither a supplier or purchaser of PCL goods, Altos India owed nearly Rs 2.5 crore to the company.Attempts to contact Bharti Telecom for their version did not elicit response. Meanwhile, outstanding wage bills of nearly 300 Altos staff have not been cleared, despite a two month old agreement between management and workers union.