Elder Pharmaceuticals

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Elder Pharma files for insolvency

Elder Pharmaceuticals has filed for insolvency, in an attempt to restructure its debt, said a source.The company made a loss of Rs 51 crore in the quarter that ended March 2015. It was the last intimation by Elder to the BSE exchange on its financials.It had unpaid debt of more than Rs 1,000 crore as on end-June 2014. Trading of its shares has been suspended on the bourses.An insolvency professional told Business Standard, "With its high debt and inability to pay it, the company itself has gone for insolvency. Now, it can come up with a restructuring plan." Calls and text messages to the company's joint managing director, Alok Saxena, went unanswered. Investors had taken Elder to court. Around 23,000 small investors have not been paid their principal or the interest on their fixed deposits in the company. Around Rs 150 crore are the dues to these. The company also has dues to the statutory authorities worth Rs 8 crore.In April last year, the company declared to the Mumbai High Court .

Going gets tough for Elder Pharma COO

According to the CBI the firm owes over Rs 150 crore to fixed deposit investors and over Rs 1500 crore to lenders and creditors

The puzzle of Elder Pharma's cash crunch

The drug maker has blamed the delay in repayment to its fixed deposit holders on 'liquidity problems', even as experts believe its cash flows are robust