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KLG Systel shuts down its operations

29 Oct 2013 Evaluate

KLG Systel‘s operations have stopped from March 31, 2013. The Bankers of the Company have also stopped all the operation from December 31, 2012 due to failure of CDR Scheme and NPA status. It was also in talks with SBI to explore revival of the company as the bank had earlier intimated the company that they shall proceed with sale of promoter shares if dues are not paid by May 15, 2013.

The Bankers of the Company i.e. State Bank of India, IDBI Bank, IFCI has taken the action U/s 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the company. And Vendors i.e. Bank of New York Mellon, London Branch on behalf of Goldman Sach International, Areva T&D India, Epcos India have filled the petition for liquidation in the High Court of Punjab & Haryana at Chandigarh. The petition has been accepted and statutory advertisement released in News Papers.

KLG Systel provides solutions for IT enablement to organizations in the areas of Oil and Gas, Manufacturing, Retail, Infrastructure, Power, Process, and new economy industries such as Information Technology, Telecommunications and the service sector.

Peers
Company Name CMP
TCS 2416.50
Infosys 1168.85
HCL Tech. 1185.55
Wipro 198.85
Tech Mahindra 1461.05
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