AGI Greenpac shares declined as much as 19 percent on Wednesday, January 29, following the Supreme Court's rejection of the company's resolution plan for Hindusthan National Glass & Industries Ltd.
AGI Greenpac Ltd shares are currently trading at Rs 809 which is 13.90 percent lower.
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The Supreme Court rejected AGI Greenpac's resolution plan for Hindusthan National Glass which was already undergoing corporate insolvency. This was after the Kolkata National Company Law Tribunal (NCLT) passed the concerned order in October 2021.
AGI Greenpac's resolution plan stood at a value of Rs 2,213 crore, as it was approved by 98 percent of the Committee of Creditors of Hindusthan National Glass in October 2022.
The Group's CFO, Sandeep Sikka spoke about the same during the company's Q3FY25 earnings call. He said, "If for any reason acquisition doesn't go through, there is a natural evolutionary process in the Company to grow organically. But that's plan B. But that plan has not yet been approved by the Board. It's very difficult for us, any of us to make a firm commitment what is plan B or plan C. Any organization do have several plans in place."
President and CEO Rajesh Khosla further added during the same call, saying, "We may not be able to open up these numbers because these numbers are yet for internal discussion and not approved by our Board of Directors. So those numbers once approved with the Board, we have to follow the regulation of SEBI, and then only we'll be able to declare it,"
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