Corporate Updates

Wockhardt in Debt

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The FCCB holders, funded by QVT, Sun Pharma and Syndicate Bank, hold bonds worth $42 million in a pharmaceutical company Wockhardt Ltd. Sun Pharma into the whole issue has made the situation more intense which has above 25 percent bonds . The Wockhardt is given exemption of 12 weeks to wind up the petition otherwise an appeal can be issued against them. The court has given the petitioners a chance to move a separate application for appointing a provisional liquidator. The company can appeal the court, comprising of Justice S Wazifdar and Chief Justice Mohit Shah. The judge has still not signed the copy till it went to the press. Wockhardt will challenge the application for appointing a liquidator next week, when the petitioners move the application as reported by the lawyer involved in the case. It is the first time in India that court has asked to wind up the petition from unsecured bond holders. The same process will be forward by the Sun Pharma officials and will help bond holders receive their dues, as contained in the original terms of the FCCBs. Wockhardt is planning to recast over Rs. 3,800 crore debts and start afresh.

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