Punjab State Industrial ... vs P.N.F.C.Karamchari Sangh & Anr

The Supreme Court held that the Company Court has jurisdiction under Section 446(2)(d) of the Companies Act, 1956 to direct the Punjab State Industrial Development Corporation (PSIDC) to release funds for the payment of wages to employees of Punjab National Fertiliser and Chemical Limited (PNFC) during its winding up. The Court clarified that the Chief Minister's note could be construed as an order, thereby obligating PSIDC to ensure disbursement of salaries. The appeal against the High Court's dismissal of the review application was upheld, affirming the Company Court's authority to issue such directions despite PSIDC's claims of financial incapacity and lack of direct liability to the workers.