The digital messaging and content solutions company Geodesic is being wound up by regulators as per a Bombay High Court order, for defaulting on loans and failing to pay its foreign currency convertible bonds (FCCBs) holders, as indicated by this Bombay Stock Exchange (BSE) notice dated August 8, 2014. The notice says that the Deputy Registrar of Companies at Maharashtra informed BSE on August 1 that an official liquidator had been appointed by the Bombay HC to oversee the winding up process. On April 7, 2014 the Bombay HC has passed an order (pdf) on a winding-up plea filed against Geodesic by Citibank NA, which is the trustee of the bondholders. The Mumbai-based company had defaulted in paying $157 million to its foreign currency convertible bonds (FCCBs) holders, in early 2013, and the court had given it time till April 28 to deposit $162 million with Citibank. The court had made it clear that any failure on Geodesic’s part would force it to appoint a provisional liquidator to initiate recovery. The provisional liquidator had taken physical possession of the company’s assets and properties on May 13, 2014, Geodesic had informed BSE. On July 8, 2014 the Bombay HC further extended the payment deadline to July 18. Misleading the court? Apparently, Geodesic had told the court the interests of the bondholders were secure as the company held $29 million, $92 million and $82 million, respectively, in the bank accounts of its three overseas subsidiaries – Emiloto Associated Inc, Zomo Technologies Ltd…
Geodesic & Chandamama
Geodesic being wound up following failure to pay loans, $157M FCCBs; Fraud alleged
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...