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Geodesic being wound up following failure to pay loans, $157M FCCBs; Fraud alleged

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…

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