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Thursday, Sep 25, 2003

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Morepen GDR issue hearing likely tomorrow

Our Bureau

New Delhi , Sept. 24

MOREPEN Laboratories Ltd's case on the freezing of its global depository receipts (GDR) is likely to come up for hearing before the Debt Recovery Tribunal (DRT) on Friday.

In March this year, Morepen had issued 50 lakh GDRs worth an estimated Rs 70 crore and in July, the DRT had frozen the GDR proceeds of Morepen to provide relief to the Bank of Nova Scotia, which had arranged the GDR.

The hearing on Friday would take into account Morepen's reply to the DRT notice to freeze the GDR proceeds.

In a related incident, the DRT II, in its orders issued in late July, also restrained Morepen from parting with the GDR proceeds and their entire fixed and moveable assets.

The order was in the context of a claim petition filed by Lord Krishna Bank (LKB), bank officials told Business Line.

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