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| Bengal sales tax dept seizes Indage Vintners' bank accounts |
| BS Reporter / Kolkata Nov 07, 2009, 00:52 IST |
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The sales tax department here is understood to have seized the bank accounts of India’s largest wine producer, Indage Vintners (formerly Champagne Indage), for alleged non-payment of dues.
A company spokesperson declined to comment. The Indage Vintners’ stock went down 8.7 per cent to close at Rs 45.65 on the Bombay Stock Exchange today.
The company is grappling with financial issues and non-payment of salaries. Employees of the company working here alleged that Indage has also not paid reimbursements and office expenses since July 2008. There are 70 employees in this region. “We want our dues to be settled and we are ready to leave,” the employees in Kolkata told Business Standard.
Wine stores in Kolkata also said the company has not sent any fresh supplies to West Bengal for some months, as permits from the excise department had lapsed.
Earlier in May this year, the company had shut some of its regional offices, while centralising all sales and marketing activities at its headquarters in Mumbai. The company had closed its regional office in Kolkata and its Delhi office as well. At the last count, the company had 10 regional offices in India. Last month, at least half of its workforce in its UK subsidiary, Indage UK Ltd, acquired by the Indian company in 2007, were asked to leave. Indage UK employed about 200 people.
The stock, which had reached a high of Rs 161.55 on November 11, 2008, touched a low of Rs 39.40 on March 16, 2009.
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