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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 Pan Asia Industries 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 Pan Asia Industries ('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.