The Bombay High Court barred Sterling Biotech, the largest producer of pharmaceutical and nutraceutical gelatin in India and Asia, from selling or mortgaging assets of the company. Recently company issued foreign currency convertible bonds (FCCBs), against which hiders filed a petition stating that in the past Sterling had disposed of its interests in a Nigerian oil well to a group firm at throw away prices and feared that further dilution of assets will hurt the lenders’ interests.
The company cannot dispose of or create third party interest in its assets on one hand, while seeking adjournment in the matter for filing reply on the other hand. It will be therefore, necessary at this stage to direct the respondent company not to create any new rights in respect of its assets.
Company Name | CMP |
---|---|
Tata Chemicals | 1099.00 |
SRF | 2630.70 |
Pidilite Inds. | 3024.20 |
Aarti Inds | 753.75 |
Gujarat Fluorochemic | 3633.25 |
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