Gaekwar Mills Ltd Share Price

(502850)

Gaekwar Mills Limited was incorporated in 1928 and was originally engaged in the business of manufacturing Fabrics Textile industry. However, the said unit was declared sick and a Scheme u/s 391 of Companies Act 1956 was sanctioned by Bombay High Court to set up a new unit to clear all liabilities. Now the Company is into developing its 60 acres of land in Bilimora Gujarat. During 2015, some erstwhile employees had filed three Special Leave Applications before the Supreme Court of India, who then granted them 4 weeks to file their appeal with the Bombay High Court, which was admitted on 29th June 2015. The Company was released from liquidation in 2016 and Gaekwar Mills Sangharsh Committee filed a Notice of Motion with the Bombay High Court, which was rejected. After that, the Directors took steps towards implementation of the Scheme of Compromise/Arrangement sanctioned in 2009. During 2018, the Company has given Inter Corporate Deposit of Rs 20.85 crores to its associate company and also changed the terms of NonConvertible Debentures, which was approved on 30th May 2017. On the 1st June 2018, the par value of shares was divided from Rs 100 to Rs 10 each, making 200,000 Equity Shares of Rs 10 each. Three appeals were filed by the End of 2018 against the Company, namely No. 455 of 2015, 212 of 2017 and a Special Civil Application before the Hon Gujarat High Court. The winding up order of the Company was finally set aside on 30th June 2015 and the Company is out of liquidation now.