Initiate Action Against Loan Defaulting Companies Under Insolvency and Bankruptcy Code

Public Shareholders should ,bring such defaulting companies under  the new Insolvency and Bankruptcy Code , for bringing in New Managements

Please read

In the seven months since the Insolvency and Bankruptcy Code (IBC) became operational, the resolution process for 200 companies has started, saidInsolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo on Saturday. This includes the 12 large accounts that were referred to the National Company Law Tribunal (NCLT) by the Reserve Bank of India (RBI). 

for more / source

http://www.business-standard.com/article/current-affairs/cross-border-insolvency-is-the-need-of-the-hour-justice-a-k-sikri-117072900240_1.html

also , please read
http://www.livemint.com/Industry/enukH1RSNyy3sWHRQkspdP/Insolvency-and-Bankruptcy-Code-an-opportunity-for-ARCs-Arun.html

for Shareholders ' activism

http://www.rareindianshares.info/2017/07/support-shareholders-activism-in.html

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Action against such Promoters can , also , be taken with Ministry of Corporate Affairs

July 29, 2017

No Annual Reports For 3 Years- Directors Stand Removed

Ministry of Corporate Affairs has undertaken punitive action against Directors not filing returns for 3 years or more

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"Further, the exercise of identification of the directors of the companies defaulting in filing of financial statements or annual returns for continuous period of three financial years has been undertaken as part of the ongoing process for disqualification for reappointment as director in that company or in other company for a period of five years, he said "

Source / for more, please click

http://www.business-standard.com/article/economy-policy/rs-13-300-cr-transacted-via-1-155-shell-companies-in-last-3-yrs-i-t-dept-117072801110_1.html


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There are many companies which have not sent Annual Reports to Shareholders or held AGM s.

Shareholders should write to Ministry of Corporate Affairs, seeking dismissal of their Board of Directors.Please write full Registered Office address with ISIN no, if available.

Address :-

Ministry of Corporate Affairs,

'A' Wing, Shastri Bhawan, 
Rajendra Prasad Road,
 New Delhi, Delhi 110001

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One example of a company which has not sent Annual Report or held AGM for more than 3 years / not cleared its dues is Amritsar based Nijjer Agro Foods.

1 ) Its Directors should be removed
2) Proceeding should be initiated under the new Insolvency and Bankruptcy Code ( IBC )


 OLD POST

September 26, 2010

Nijjer Agro Foods Limited

Registered Office & Factory :-

Village Meharbanpura ,

P.O. Jandiala Guru ,

GT Road ,

District : Amritsar

Pin :143115

Managing Director : Satbir Nijjer

Directors

WS Nijjer

KC Mehra

Dr. GS Kalkat

Mrs. Navdeep Nijjer

Prof. UC Singh

S Sengupta

Nijjer Agro Foods Limited was set up in 1988 to set up an agro processing ( mainly tomato processing and dairy plant ) in Amritsar District.

Financials ( 31-03-2009 )

Share Capital : Rs. 10 cr 20 lakh

Face Value : Rs. 10

( 2008-09 )

Sales Rs.12 cr 14 lakh

Gross Profit : Rs. 2 cr 12 lakh

Net Loss : 66 lakh

Nijjer Agro which has nearly wiped out its share capital due to accumulated losses is coming back to positive. It is not under BIFR and it has arrived at a negotiated settlement with financial institutions and dues have been cleared.

Nijjer Agro had been processing ketchup etc. for Nestle India. The loss making milk plant has been closed . It has diversified in to fruit pulp / juices. It has been producing amla juice for Patanjali Ayurveda Limited.

Nijjer Agro seems to be turning around. Its product portfolio fits well with large grocery chains with whom there may be a strategic tie up in future.

Nijjer Agro 's factory is set up on a large piece of land on the GT Road . The market value of this land is many times its book value.

Demat %: Around 58 %

Listing: Was Listed in BSE - But trading suspended due to Non Payment of BSE's listing fees

Status : Illiquid

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June 22, 2017

Nijjer Agro Foods May Gain From Recent Bankruptcy / Restructuring Laws

Recently enacted Insolvency / Bankruptcy Laws and Asset Restructuring procedures enabling New Investors for NPA / debt laden companies has infused fresh life in to moribund shares like Amtek  Auto.

Another such company may be Amritsar based Nijjer Agro Foods ( Delisted for non compliance from BSE).

Nijjer Agro Foods is asset laden

It has a huge land holding on GT Road ( Near Amritsar Toll Plaza ) and an excellent production facility.

Nijjer Agro Foods used to make Maggie sauces / ketchups for Nestle and supplied Amla juice to Patanjali.
It , also, had a milk plant/ ice cream factory.

Earlier there were unconfirmed reports of Nestle, Reliance Fresh etc were interested in taking over.


May be time has , now  finally come for New Investors /Promoters to move in .


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INVESTORS UNITE to Fight For Our Rights

HUM MEHNAT KASH ISS DUNIYA SE
JAB APNA HISSA MANGEY GEY
IK BAGH NAHI; IKK KHET NAHIN
HUM SAARI DUNIYA MANGEY GEY

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SAADA HAQ , ETHEY RAKH

General Warning : Investment in Shares Can be Injurious to Your WEALTH

Disclosure : The Blog writer in his / family names has holdings in this Company. So please make suitable " provisions " for any likely Over Optimism

NB :All information given in good faith. Please recheck every point before taking an investment decision.No responsibility with this blog / blog writer