CASH-STRAPPED RETAIL CHAIN SUBHIKSHA FILES ACCOUNT DETAILS FOR THE LAST THREE YEARS AT THE MADRAS HIGH COURT

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Cash-strapped retail chain Subhiksha Trading Services has filed a copy of its accounts for the last three years at the Madras High Court. The company submitted in sealed form, an electronic record of the audited balance sheets of three years (FY06, FY07 and FY08), a record of all accounts from April 2008 till date, bank account details (the retail chain has about 20 bank accounts) and a list of assets and liabilities as of date to the registry at the high court. In an earlier hearing, a two-judge bench had stayed the role of the provisional liquidator (PL) on the condition that the retail chain submits a copy of its accounts to the court by May 20. The divisional bench had stated that the presence of the PL may hinder the CDR process. The next hearing on the issue will take place on June 12.

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