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Delhi Wine Club
Indage Disappears from Stock Exchange

Posted: Wednesday, 02 March 2011 10:26

Indage Disappears from Stock Exchange

After hitting continuous lows recently, the latest being the lowest price since November 2003, of  Rs. 12.40 on February 19, the shares of Indage Vintners have stopped trading and were reportedly suspended on the Bombay Stock Exchange, after recording a price of Rs.13.55 on Feb 23.

The last transaction shows an offer of 200 shares at Rs.13.55 with no bid on Feb 23. The share had touched a high of Rs. 974 on 20 November, 2007. It had started an upward journey in November 2003 when the price was hovering around Rs.10. It has been going downhill for the last 4 years despite the occasional propping up by the interested quarters on a few occasions.

There was no response from Ranjit Chougule, Managing Director of the beleaguered company to a query from delWine regarding the circumstance that led to the suspension of the company or for how long it has been suspended from trading in the stock exchange. There could also not be a confirmation whether the stock exchange had officially suspended the trading and for what reason.

According to the report filed with the Bombay Stock Exchange on February 15, Indage had informed BSE that the meeting of Board of Directors of the Company has been duly convened the previous day and had considered and approved the Notice Convening Annual General Meeting for the year ended March 31, 2010 to be held on March 28, 2011.

The Unaudited Financial Results for the quarters ended on June 30, September 30 and December 31, 2010 had also been reportedly presented before the meeting of the members of the Audit Committee held on February 14, 2011.

The company also informed the BSE authorities that since the High Court had barred the company from transacting any business, none was being carried out by the Company as on date. Further, certain queries were raised and concerns were shown by the members of the Audit committee with the result that these unaudited results were not approved by the committee and the same could not be tabled before the Board for approval.

No unaudited Results for the past three quarters namely June 30, 2010, September 30, 2010 and December 31, 2010 were thus taken on record.

The company had been ordered to wind up its business last year but had gotten a temporary reprieve with the infusion of funds by the company as directed by the High Court. Details have been published in delWine from time to time. 

Following links of ealier articles.

Indage Vintners is NOT Bankrupt

Indage Declares De Disappointing Results

Indage Struggling for Survival

Indage Vintners is NOT Bankrupt

Despite Respite Indage Faces Rough Weather

Indage Appeals against Winding Up Order

Indage in Troubled Waters?



Anupbhatia Says:

Indage desreves this as till date ranjit chowgule is surrounded by his cronies he has gobbled up staff dues distributers monies in crores his stocks are rotting in godown of chandigarh /hp/ and all his efforts to start business are reduced to nought let him come out with a list of crores he owes to the market he has siphoned off the money and continues to live a swish life style abroad leaving his empoyees and distributers in the lurch let he and his company go to dogs

Posted @ August 01, 2011 12:59


Subhash Arora Says:

The AGM was held on 28th March as scheduled. But they have to fulfil certain requirements before they can be re-listed. We shall post it on the website. Good luck. Subhash Arora.

Posted @ April 04, 2011 15:55


Uday Says:

Dear sir when the indage vinters start trading please inform . i have already 4,000 qty at 29/-

Posted @ April 04, 2011 15:36


Vijayakumar Says:

dear sir when the indage vinters start trading please inform .

Posted @ March 02, 2011 12:59


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