PUNJAB WIRELESS SYSTEMS EMPLOYEES UNION vs WINSOME YARNS LTD. .

The Supreme Court upheld the decision of the Punjab & Haryana High Court regarding the sale of assets of Punjab Wireless Systems Ltd. under the Companies Act, 1956. The Court clarified that the official liquidator has the authority to conduct the sale and that the sale process must be transparent and fair, as per the guidelines established in Section 529 and Section 530 of the Companies Act. The Court affirmed the sale to M/s. Winsome Yarns Ltd. for Rs. 3.36 crores, rejecting the appeals of the Employees' Union and others challenging the sale process.