Gaekwar Mills Ltd

Gaekwar Mills Ltd

Gaekwar Mills Limited was incorporated on 16 June 1928. The Company has been engaged in the business of manufacturing Fabrics (Textile industry) however the said unit was declared sick and to set up fresh unit clear all liabilities and pursuant to a Scheme u/s 391 of Companies Act 1956 sanctioned by Bombay High Court. At present the Company is into development of 60% of its own land at Bilimora Gujarat.During the year 2015 some erstwhile workmen had filed three Special Leave Applications (Civil) before the Supreme Court of India challenging various orders of Gujarat and Bombay High Courts in favour of the Company. These SLP's were disposed of by an Order of the Hon Supreme Court on 13 January 2015. In the Said Order of Supreme Court 4 weeks were granted to workmen association to remove office objections in their earlier appeal filed before Bombay High Court and further request to Bombay High Court to hear appeal of workmen within the framework of law. The appeal is listed for hearing on 29th June 2015.The Company came out of liquidation during the year 2016 by an order dated 30 June 2015 passed by Hon. Bombay High Court. Gaekwar Mills Sangharsh Committee an one of the alleged association of worker have filed Notice of Motion before Hon. Bombay High Court for recall stroke stay of this order which has been rejected by Hon. Bombay High Court by an order dated 28 July 2016. Nevertheless Directors were allowed to take steps to ensure implementation of Scheme of Compromise/Arrangement sanctioned by Hon. Bombay High Court in September 2009 and subsequently modified from time to time.Pursuant to the Order dated 13 January 2015 of the Supreme Court of India passed in various Special Leave Applications the pending appeal of worker has been restored by Hon. Bombay High Court and the appeal has been admitted by Hon. Bombay High Court on 04 January 2016 without granting of any ad-interim / interim relief. Now the appeal is likely to be posted for final hearing and disposal at the convenience of Hon. Bombay High Court.During the year 2018 the Company has given Inter Corporate Deposit of Rs 20850000 to its associate company M/s Platinum Square Pvt Ltd. In FY 2018 the Management of the Company has changed the terms and condition of Non-Convertible Debentures issued under the Scheme of Compromise/ Arrangement sanctioned by Hon. Bombay High Court passed in 2009. The approval of Debenture holders is received on 30th May 2017.The Company has provided for provision of premium on redemption of debentures for year ended 31st March 2017.On 1st June 2018 the par value of share was sub-divided from Rs 100/- to Rs 10/- and accordingly there are now 200000 Equity Shares of Rs 10/- each.During the year 2018-19 the material orders have been passed by the Court against the Company subject to pending litigation as below:a. Appeal No. 455 of 2015 before the Hon. Division bench of Bombay High Court which has been admitted without any interim / ad-interim orders.b. Appeal no 212 of 2017 is also pending before the Hon. Division bench of Bombay High Court which and is yet to admitted A notice of motion has also been filed in said appeal for grant of interim / ad-interim reliefs the same is also pending for admission.c. A Special Civil Application has also been filed before the Hon. Gujarat high Court against the Company and the same is also pending for admission.The Company was wound up by an order dated 4th February 2008 passed by the Hon. Bombay High Court. Subsequently on 10th September 2009 the Hon. Bombay High Court accorded sanction to a Scheme of Compromise/ Arrangement under Section 391 to 393 of the Companies Act 1956 for the revival of the Company. The winding-up order was finally set-aside on 30th June 2015 and the Company is now out of liquidation