furnished to this Court a balance sheet and profit and loss account for the year ended 30th June 2014 without however, any accompanying notes or schedules. In the absence of the notes/schedules, it was difficult to assess the precise nature of many of the entries in the balance sheet. Mr. Alok Saxena who was present was not in a position to throw any more light on these entries. What is clear, however, from the balance sheet for the year ending 30th June 2014 and for the quarter ending 30th September 2014 (obtained by the Petitioner from the Website of the Bombay Stock Exchange) is that the Respondent is making significant operating losses. Thus, for the quarter ending 30th September 2014 the Respondent has made a loss of approximately Rs.46 crores. For the year ending 30th June 2014, the Respondent made an operating loss of Rs.362.19 crores, before taking into account “an exceptional item” for Rs.380.04 crores, the precise nature of which is not apparent from the financial statement produced by the Respondent. It is an admitted position that the Respondent has sold a vast majority of its assets, the sale consideration of which has already been applied for meeting various liabilities save and except for a sum of Rs.30 crores over which the Intervenor has a claim. It is also clear that none of the assets of the Respondent Company save and except the 70 brands retained by it, the value of which is unclear, are unencumbered. 14. Given the fact that the Respondent Company is making substantial operating losses, the risk that it would further transfer or encumber its remaining assets is very real. In these circumstances, I am of the view that
