Mumbai court admits winding-up petition against Wockhardt
Drugmaker Wockhardt Ltd said on Monday a Mumbai court had admitted an petition for winding up the company.
March 14, 2011 / 20:45 IST
Drugmaker Wockhardt said on Monday a Mumbai court had admitted an petition for winding up the company.
The petition is filed by trustees to the foreign currency convertible bonds (FCCBs) issued by the company, it said in a statement.The company has decided to file an appeal against the petition and seek a stay order on the admission, it said.Earlier, the Business Standard reported, a group of three FCCB holders, or unsecured creditors, led by Singapore-based hedge fund QVT, Sun Pharmaceutical Industries and Syndicate Bank had filed the petition in January 2010.The three hold bonds worth USD 42 million, the paper said.Shares of Wockhardt closed at Rs 332.95 on Monday, down 4.1% in a firm Mumbai market. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
