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Delhi Wine Club

Posted: Monday, 22 March 2010 17:00

Indage Vintners ordered to Wind Up

Indage vintners continues to be sinking further in the whirlpool with High Court  passing an order this morning ordering it to wind up its business based on a petition by lenders on March 19. The order will be challenged by the company but the share price slid by around 7% after the order was passed.

It is the Company's contention that notwithstanding the order passed by the Hon'ble Court, it is not expedient to wind up the business at this stage and therefore the Board of Directors in its meeting held on March 19, 2010, has decided to challenge the said order by filing an appeal in the competent Court according to a report .

The Company contended before the High Court that it was referred to the Corporate Debt Restructuring (CDR) Cell and the Company proposed to place the proposal with the support of the CDR Lenders (Secured and unsecured} in the upcoming CDR meeting. It had also contended before the Court that it was ready and willing to submit a Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956, to restructure its outstanding liabilities.

Upon receipt of the copy of the order, the Company will initiate further steps. The Board is seeking legal opinion on the merits of the matters and proposes to take adequate steps ostensibly to protect the interests of all stakeholders.

The stock has slipped over 7% to close at Rs 47.80 after touching a low of Rs. 46.90 The scrip opened at Rs 50.95. It touched an intra-day high of Rs. 50.95 and a low of Rs 46.90 The price is hovering around the 1-year low of Rs. 47.95

All efforts to get a response from Mr. Ranjit Chougule failed, but any response will be communicated to our readers if and when received.

For the information of the foreign readers of delWine, this is not the end of the road for the company which is fast sinking unless it can pull out some miracles from the hat.  When a limited or private limited company fails to payback the clear debts and the High Court is convinced about the bouncing of checks given by the company or otherwise is neither making the payment nor disputing the claims, it can be ordered to be wound up with the intention of a receiver appointed by the court to look after the affairs of the company to best dispose of the assets. Usually banks have the first charge on the monies thus received- other creditors are secondary lenders and would get their monies after all the primary lenders get their loan amounts back.



Sandeep Says:

Its the employees who boost up the company and it is also the employees who can sink a company it is same with Indage Vintners. Why a company should lose its image when it is image of a country in world. This is just a foolish attempt nothing else i can say. This company should go on rather than winding up...

Posted @ July 22, 2010 17:40



Rightly said Mr. Arora, some of employees had guided wrongly and projected wrong figure of industry to Mr.Ranjit. But i feel if indage wants to re bounce it should project on their quality instead of quantity.I know their sales head Mr.verma the person who drowned the company projecting primary sales instead of secondar sales.I wonder Mr.Ranjit has done MBA from renowned business school, when all this mess was going on why he was not able to track the wrong ongoing.despite all this last year Markets of Rajasthan,Uttar pradesh , punjab was open.I personally feel in current year indage will bounce back and will learn lesson not to repeat mistakes which they have done in past.lots of corrupt employees have left company and i think this is good for indage.Mr.shyamji who brought culture of wine in India hats off to him and he should personally take care of company. The brands of indage are very good. My best wishes are with indage

Posted @ April 19, 2009 10:50


Gopal Gurnani Says:

The best .

Posted @ April 02, 2010 13:10


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