Jamshedpur, Nov 18 : Incab Industries whole-time director P Ghosh, who, on behalf of Calcutta-based businessman SP Arya, challenged the State Bank of India in the Calcutta High Court for bringing out advertisements inviting bids for takeover of the cable company, has not yet withdrawn the writ petition although the Board for Industrial & Financial Reconstruction (BIFR) has refused to recognise Arya's claim as the new promoter of the company.SBI was appointed as the operating agency for Incab and Friday was the last day for lodging the bids.Ghosh is under enormous pressure to withdraw the writ from a large section of officers and workers of the company. On Friday, a delegation of The Cable Company Workers' Union (TCCWU) went over to Calcutta to urge Ghosh to withdraw the case. Sources said the case was not withdrawn till Friday.Meanwhile, reliable company sources said Ghosh has issued sack notices to four senior company officials who had "asked (him) searching questions" regarding some misdemeanours committed by him. The four are RB Singh, general manager (engineering), AK Ghosh, general manager (personnel), RN Chakraborty, legal officer and S Ghatak, general manager (accounts).It is learnt that Leader Universal Holdings Berhad had, in a faxed letter dated November 10 to Arya and to all directors including the whole-time director, not only terminated the share sale agreement dated September 29, executed at Bangkok, but has also taken strong exception to certain things being claimed by Arya.The letter, among other things, alleges that Arya "had been wrongfully interfering with the affairs of Incab by being named as an operating signatory in a new Incab bank account opened by P Ghosh with State Bank of India." The said bank account, it said, "was opened without the prior approval of Incab's board of directors." Company sources said while the particular account had a balance of Rs 29 lakh, it could not be operated, despite the grave financial situation of the company.Tata Steel, to which Incab owes Rs 19.70 crore, has threatened disruption of power supply from Friday if it failed to pay at least Rs 5 lakh of current dues by evening. Sources said company officials were trying to plead with Tata Steel citing Incab's precarious financial position. Leader Universal has also questioned Arya's self-appointment as chairman and the appointment, by him, of P Ghosh as the managing director. "We state for the record that this is totally inaccurate," the message said.A source in Incab said "that some officials in the company continue to be hand in glove with Mr Arya." Asked if Leader Universal was not aware of this, he replied in the affirmative, adding that "Leader's lawyers in Calcutta and Mumbai are watching developments and pursuing the matter."BIFR not to recognise AryaNew Delhi: The BIFR has refused to recognise Calcutta-based businessman SP Arya as the new promoter of Incab Industries. Arya had claimed that he had purchased the shareholding of Malaysia-based company Leader Universal Holdings in Incab, which the Malaysian company had denied. The BIFR order, given at the last hearing of the case held recently, comes as shot in the arm for Leader Universal which is planning to initiate judicial proceedings against Arya and his claims of having taken over the company. Incab was declared a sick company and employs about 2,500 people in its two factories at Pune and Jamshedpur. Recently Arya claimed that he has acquired a majority stake in Incab by buying our Leaders' equity, he also said that he was working on a revival package for the company. However, Leader Universal has contested his claims, saying that Leader still holds around 63 per cent equity in the company.
