CHANDIGARH, JULY 28: The Punjab and Haryana High Court Company Judge, Justice JS Khehr on Thursday appointed a provisional liquidator to take over the assessts and control of Punjab Wireless Systems (Punwire) Ltd.The orders were passed while observing that appointment of the liquidator was necessary so that assests of the company don't whither away merely by the passage of time, there being no effective management in control of the company. The official liquidator appointed as provisional liquidator has been directed to take charge of the assests and affairs of the company forthwith. The orders have been passed in a petition filled by H S Oberoi and Associates of Industrial Area of Chandigarh seeking direction for the winding up of the company in the High Court. The petioner sought liquidation of Punwire due to inability of the company to discharge its debts and liabilities.All the petitions pending in the High Court for winding up of Punwire on the same ground would be covered by the order so passed in the case of HS Oberai and associates to which Punwire owed and admitted a debt of Rs 3 croreIt was brought to the notice of the court that Punwire did not have a single penny to discharge its liabilities or to pay to its creditors. Even the salaries of the employees had not been paid for more than six months and the net dues on account of salaries were about Rs 13 to Rs 14 crore.In the last two years the company had suffered a loss of Rs 200 crore besides which a sum of Rs 7.83 crore was under attachment vide order of Civil Judge (JD), Chandigarh. It was urged that the said facts clearly corroborate that the company was not being looked after properly and its assests would finish of in case a liquidator was not appointed.
