Winding up petitions filed against Usher Agro

They have been filed by one of its importers and a bank for their accumulative outstanding dues of Rs 83.26 cr

Basmati rice miller and exporter Usher Agro Ltd (UAL) has received notices for two winding up petitions filed by one of its importers and a bank for their accumulative outstanding dues of Rs 83.26 crore.

The United States-based CFSIT Inc, a Cargill Group company, has filed a winding up petitions against UAL for recovery of Rs 65.48 crore ($10 million) with interest at 12 per cent per annum as per advance payment and supply contract.

In yet another move, PT Bank Maybank Indonesia Tbk has filed similar petition for recovery of their outstanding of Rs 17.78 crore with interest at 16.4 per cent per annum.

“UAL has received notices for winding up petition filed against the company by CFSIT Inc. USA and PT Bank Maybank Indonesia Tbk. The above petitions are merely file, but not admitted. Further, the company will take suitable legal action in consultation with its legal counsels,” the company said in a notice to the BSE.

Confirming the development, V K Chaturvedi, Managing Director and Chief Financial Officer of UAL, said, “It is not a matter of great concern. When the matter comes for hearing in December, the claim would not sustain. They have filed petitions in the Bombay High Court that are yet to get admitted by the court yet.”

According to Chaturvedi, bankers have moved intervening applications to object the petitions of claimants. “So, the petition is not sustainable,” said Chaturvedi.

He further added that CFSIT Inc had contracted with us for basmati rice imports. But, they did not lift the quantity they contracted for. So, UAL filed a recovery suit against CFSIT Inc earlier which is pending in the court.

Usher Agro share closed with 5.29 per cent decline to trade nearly 52-week low at Rs 10.92 apiece on Monday.