Compact Disc India temporarily drops idea of delisting shares

14 Jul 2011 Evaluate

Compact Disc India (CDI) has decided to hold the process of delisting its shares from stock exchange. The company has taken this step amid its ongoing legal dispute with Hong Kong and Shanghai Banking Corporation (HSBC). Further, to avoid any kind of uncertainty with the delisting process the company has decided not to proceed with the delisting procedure until the issues with HSBC are settled.

Last week, the company decided to file a criminal, defamation and damages suit of Rs 20 crore against HSBC for damaging company's reputation by unauthorisedly contacting third parties.

In the first quarter of ongoing financial year, HSBC has filed case against CDI. As per a statement made by CDI, the company owed Rs 18 crore to HSBC. Out of this, CDI said that it has already paid Rs 2 crore to the bank and plans to pay entire amount by January 2012.

Compact Disc India is engaged in multimedia and entertainment production in India and has extensive expertise in creation, distribution and management of contents for media and entertainment sector with its strong presence in India, Malaysia and Singapore.

Peers
Company Name CMP
PVR 1320.55
Saregama India 345.90
Eros Internatl.Media 17.92
Shemaroo Entertain. 141.50
Balaji Telefilms 72.90
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