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Bombay HC orders Indage to wind up

Bombay HC orders Indage to wind up
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First Published: Tue, Mar 23 2010. 10 38 PM IST
Updated: Tue, Mar 23 2010. 10 38 PM IST
Mumbai: The Bombay high court on Monday ordered the liquidation of troubled wine maker Indage Vintners Ltd following a series of winding-up petitions filed by aggrieved lenders and unpaid employees, the company said in a filing to the Bombay Stock Exchange.
Indage said it had been granted a stay of 15 days following a submission by the company that it had plans to meet all its obligations.
Indage, which was until recently India’s largest wine maker by sales, owes around Rs750 crore to lenders such as ICICI Bank Ltd, State Bank of India, Barclays Bank Plc and Axis Bank Ltd, among others, said two people familiar with the development.
Managing director Ranjit Chougule did not respond to phone calls on Tuesday. An Indage official in charge of media communications also did not respond to queries. In a July letter to the employees, Chougule had admitted to defaults of payments to lenders and employees.
Indage had come under financial pressure after it raised multiple loans from banks and other institutions to finance two strategic overseas acquisitions in 2008. The promoters of the company, the Mumbai-based Chougule family, had also ventured into unrelated businesses, including hospitality and liquor distilleries.
ch.unni@livemint.com
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First Published: Tue, Mar 23 2010. 10 38 PM IST