Supreme Court orders Finolex Industries to discharge Ethylene from vessel

With reference to the earlier announcement regarding the order dated September 28, 2006 vide which the High Court, Bombay had restrained the Company and Bharat Petroleum Corporation Ltd from using the Jetty at Ratnagiri until further orders or until KEW Bridge Ship is pulled and navigated, Finolex Industries Ltd has announced that aggrieved by the said referred order, the Company had filed a Civil application before the Hon'ble High Court, Mumbai on September 29, 2006 and filed a petition for Special Leave to appeal in the Supreme Court on October 01, 2006.

The Hon'ble Supreme Court vide its order dated October 01, 2006 has modified the above referred order of Bombay High Court permitting the Company to discharge the ethylene from the vessel Polar Endurance under the supervision of the Collector, Ratnagiri.

This order of Supreme Court enables the Company to off-load the raw material i.e. ethylene under the supervision of Collector, Ratnagiri without waiting up to October 04, 2006, for getting the order of Bombay High Court dated September 28, 2006, vacated.

Source : Equity Bulls

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