Elque Pet Project To Go On Stream In Nov

This is the first major industrial project in West Bengal after nearly a decade since the Duncan Goenka group set up Consolidated Fibres & Chemicals Ltd.

Trading of the company's shares was slated to start yesterday as the Securities and Exchange Board of India (Sebi) has allowed Elque Polyester to be listed on the Calcutta, Ahmedabad and Mumbai stock exchanges.

Meanwhile, the company's solicitors have filed a case against eight underwriters who have allegedly not honoured their public issue commitments up to Rs 2 crore.

The case has been referred to the Calcutta Stock Exchange for adjudication. The underwriters who have not honoured their commitments are IFB Finance, Continental Exim and Financial Services, Wallstreet Finance, Vinmar Capital Markets, Western India Financial Services, Sterling Guarantee and Finance, Hindustan Financial and Brescon Financial Services.

 

The entire public issue of 1,59,87,000 equity shares of Rs 10 each at par aggregating Rs 15.98 crore was fully underwritten.

The lead manager's exposure was Rs 6 crore, while that of its co-managers and advisors was Rs 2.3 crore. Both categories are believed to have settled their dues without any problems.

Other merchant bankers took exposure worth Rs 4.75 crore, banks at Rs 1.1 crore and brokers at Rs 1.83 crore.

The company is also involved in a dispute with Kedia Castle Dellon Industries, a Kedia group company based in Indore, over payment of Rs 12.5 lakh for a consignment of PET bottles.