Division bench upholds single judge order

The Telangana High Court upheld a single judge order which set aside the auction conducted by the Union Bank of India noting that it was done in violation of the provisions of the Companies Act-1956.

A bench of Justices K. Lakshman Kumar and Vakati Ramakrishna Reddy, pronouncing verdict in an appeal filed by the Union Bank of India, observed the single judge gave a reasoned and well-founded order. The division bench instructed the bank to to refund an amount of ₹6.45 crore to the fifth respondent along with 6% interest per annum from the date of receiving the order.