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Ganesh Benzoplast hits 52-week high on heavy volumes; stock soars 15%

Then stock hit 52-week high of Rs 94.50, up 15% on BSE after the company said it has won a case against Pan Asia Industries, for recovery of outstanding dues of Rs 5.50 crore plus interest.

SI Reporter  |  Mumbai 

Ganesh Benzoplast soars 15% after winning case against Pan Asia Industries

hit 52-week high of Rs 94.50, up 15% on BSE after the company said it has won a case against Pan Asia Industries, for recovery of outstanding dues of Rs 5.50 crore plus interest.

The trading volumes on the counter jumped more than three-fold with around 1.54 million shares exchanging hands on the BSE till 01:18 PM. In past four trading sessions the stock rallied 35% from Rs 70.10 on Monday, September 25, 2017.

“The company has won a case filed u/s 138 of the Negotiable Instruments Act, 1881, against M/s Limited, for recovery of outstanding dues of Rs 5.50 crore plus interest. The Hon'ble M. M. 33rd Ballard Pier Court passed an order directing M/s ('the defaulter') to pay a sum of Rs 9.00 crore to Ganesh Benzoplast,” the company said in a BSE filing today.

The company further filed an Enhancement Application before the Session Court, Mumbai for increasing the compensation amount to Rs 11 crore i.e. double the cheque amount, which will be heard on October 09, 2017. The Court has also directed the defaulter to deposit 10% of the amount before contesting the appeal, it added.

First Published: Fri, September 29 2017. 13:19 IST
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