It is the Company's contention that notwithstanding the order passed by the Hon'ble Court, it is not expedient to wind up the business at this stage and therefore the Board of Directors in its meeting held on March 19, 2010, has decided to challenge the said order by filing an appeal in the competent Court according to a report .
The Company contended before the High Court that it was referred to the Corporate Debt Restructuring (CDR) Cell and the Company proposed to place the proposal with the support of the CDR Lenders (Secured and unsecured} in the upcoming CDR meeting. It had also contended before the Court that it was ready and willing to submit a Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956, to restructure its outstanding liabilities.
Upon receipt of the copy of the order, the Company will initiate further steps. The Board is seeking legal opinion on the merits of the matters and proposes to take adequate steps ostensibly to protect the interests of all stakeholders.
The stock has slipped over 7% to close at Rs 47.80 after touching a low of Rs. 46.90 The scrip opened at Rs 50.95. It touched an intra-day high of Rs. 50.95 and a low of Rs 46.90 The price is hovering around the 1-year low of Rs. 47.95
All efforts to get a response from Mr. Ranjit Chougule failed, but any response will be communicated to our readers if and when received.
For the information of the foreign readers of delWine, this is not the end of the road for the company which is fast sinking unless it can pull out some miracles from the hat. When a limited or private limited company fails to payback the clear debts and the High Court is convinced about the bouncing of checks given by the company or otherwise is neither making the payment nor disputing the claims, it can be ordered to be wound up with the intention of a receiver appointed by the court to look after the affairs of the company to best dispose of the assets. Usually banks have the first charge on the monies thus received- other creditors are secondary lenders and would get their monies after all the primary lenders get their loan amounts back. |