Stocks

Company news

| Updated on January 20, 2018 Published on May 17, 2016

MIC Electronics has informed the exchanges that the board has allotted 1.08 crore equity shares through conversion of preferential convertible equity share warrants to promoters and investors in the ratio of 1:1. The shares of MIC Electronics closed at ₹17.85, down 3 per cent on the NSE.

Golden Tobacco has informed the BSE that the Supreme Court has disposed of a civil appeal filed by the Income Tax Department against the company. According to the company, the major implications of the order are: the modified draft rehabilitation scheme pending before the BIFR/Monitoring Agency is not maintainable, as the company’s sanctioned scheme expired on March 31, 2011; the December 26, 2009 MoU executed by it with Sheth Developers Pvt Ltd and Suraksha Realty for development of the Vile Parle property was in violation of the sanctioned BIFR scheme; and the Income Tax Department should be entitled to take steps for attachment and sale of the properties of the company, including at Vile Parle, up to the principal amount of ₹51.17 crore (disputed) and also admitted dues to the excise department, subject to the rights of the secured creditors. The Supreme Court has permitted the parties to approach the BIFR to seek clarification for waiver of interest and penalties worth ₹599.83 crore. Shares of Golden Tobacco gained 0.65 per cent at ₹38.75 on the BSE.

Published on May 17, 2016
This article is closed for comments.
Please Email the Editor