HC extends stay on Jessop divestment

KOLKATA: The Calcutta High Court on Friday extended the interim stay on the issue of disinvestment of government holdings in Jessop & Company, subsidiary of Bharat Bhari Udyog Nigam. Refusing to vacate the stay earlier given by Justice Ashok Ganguly on March seven restraining BIFR to allow the government to sell its stake to private company Ruia Cotex, Justice Kalyanjyoti Sengupta turned down the pray and fixed the matter for hearing on June 24. Additional Solicitor General Harish Salve appeared for the Government of India, while Debabrata Roychowdhury represented BBUNL. To protest government disinvestment, the Jessop Staff Association filed a writ petition challenging the decision to sell stake to Ruia Cotex. Jessop, which was referred to BIFR, had turned around as it made a operating profit during the last financial year.