| On March 24, 1964, the Patna High Court granted a temporary restraining order and an emergency asset freeze against a company accused of defrauding its employees in an industrial dispute. According to the court's order, on March 20, 1957, Sasamusa Sugar Works Ltd. and its workmen filed an application for an emergency asset freeze pursuant to Section 15 of the Industrial Disputes Act (the "Contract of Employment"). According to the order, the company paid its employees only As. 2/2/day per day, which led to the present claim made by the respondents that the wages prescribed by the award were not sufficient to be paid by the company. The court also found that the company had entered into an agreement with the respondents that it would pay the workers at a rate determined by the tribunal based on the rates of wages fixed by the award. According to the order, this agreement was inapplicable because the rates of wages fixed by the award did not fall within the definition of wages prescribed by section 2(vi) before it was amended in 1958. The court further ruled that the company could not afford to pay the workers as wage-related compensation under section 15 of the Act. The court held that the company could not afford to pay the workers as wage-related compensation under section 15 of the Act. The court also ruled that the company could not afford to pay the workers as wage-related compensation under section 15 of the Act. In a parallel action, the U.S. Attorney's Office for the Southern District of New York today announced criminal charges against the company. The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges the company with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 13a-14 thereunder. The court granted the company's request for an emergency asset freeze and an emergency asset freeze. The case is being supervised by Sanjay Wadhwa. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York, the Federal Bureau of Investigation, and the Department of Justice. |