TBZ clarifies after misleading bankruptcy claim

Says not related to Tribhovandas Bhimji Zaveri & Sons Retail

There was a public announcement under the Insolvency and Bankruptcy Board of India in the newspaper titled, "For the attention of the creditors of Tribhovandas Bhimji Zaveri & Sons Retail".

Tribhovandas Bhimji Zaveri (TBZ) clarified to the bourses on Friday, 20 December 2019, that it is not connected with 'Tribhovandas Bhimji Zaveri & Sons Retail' nor do the promoters/the management of the company hold any shares/are in the management or control of that entity.

"Tribhovandas Bhimji Zaveri & Sons Retail is a different company and does not form part of the group/brand TBZ-The Original, Shrikant Zaveri Group," TBZ said in its clarification.

According to media reports, the Mumbai bench of National Company Law Tribunal (NCLT) has ordered the commencement of corporate insolvency resolution process against Tribhovandas Bhimji Zaveri and Sons Retail, after the company filed for bankruptcy.

Shares of TBZ fell 0.82% tp Rs 36.25 on Friday. The stock continues to trade below its 50 and 200 days simple moving average placed 40.93 and 46.79 respectively. These levels will act as resistance in near term.

On consolidated basis, TBZ reported a 7.1% decline in net profit to Rs 52 lakh on a 13.8% rise in net sales to Rs 393.18 crore in Q2 September 2019 over Q2 September 2018.

TBZ is one of the leading players in the organised jewellery markets.

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