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Sunday, December 13, 1998
Philips CTV unit sale questioned
ENS ECONOMIC BUREAU
CALCUTTA, DEC 12: The Philips Employees Union has alleged that Kitchen Appliances India Ltd, which has been nominated by Videocon Intl to buy the Salt Lake CTV factory, does not have any mention of television business in its memorandum of association. "One of the major grounds of challenge of the sale as a going concern is that the objects clause in the memorandum of association of Kitchen Appliances does not contain any reference to production of CTV sets, which makes it incompetent to enter into the deal which falls outside their scope. This makes the agreement null and void," Union general secretary J V Bedekar said.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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