Indage Vintners has announced that a petition filed by certain lenders came up for hearing before the High Court of Judicature at Bombay on March 19, 2010. The Hon'ble Court passed an order directing that the Company be wound up based on the petition filed by lenders.
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.
The Company contended before the Hon'ble High Court that the Company 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. Also the Company contended before the Hon'ble 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 to protect the interests of all stakeholders.
The stock has slipped over 4% to Rs49.20. The scrip opened at Rs50.95 it touched an intra-day high of Rs50.95 and a low of Rs48.70 and has recorded volumes of over 61,000 shares on NSE.