Orient Garments opposes winding up move by Dr. Senthilverl

Thursday, 12 March 2015 01:38 - - {{hitsCtrl.values.hits}}

Orient Garments Plc has opposed the winding up move by shareholder Dr. T. Senthilverl giving a host of reasons including it would jeopardise interest of many stakeholders. OGL made this observation in a filing to the CSE, with reference to the Winding Up application filed by Dr. T. Senthilverl in the Commercial High Court. It said that the petition was formally served on Orient Garments PLC on 3rd March 2015, and OGL has taken immediate steps to oppose the winding up by filing, on 4th March 2015 itself, an Affidavit in Opposition in terms of the Company Winding Up Rules. In the Affidavit in Opposition the Company has disclosed to Court, inter alia the following matters in relation to the Winding Up application; That the attempts to wind up OGL is contrary to the interests of its shareholders, creditors and employees, and motivated solely by the Petitioner’s own personal agenda; That OGL’s performance under its new management has vastly improved, and that despite the Petitioner having been a shareholder of OGL from the time of the previous management, he took no steps to wind up the Company at such stage; that OGL is now in a sound financial state, and that the future income of the Company is secured, with its Order Book being filled to capacity until at least 30th June 2015 and with it having Orders valued at approximately US$ 5,207,291.98 in hand up to 30th June 2015 that for the month of March 2015 alone, the FOB value of the Orders amount to US$ 2,322,438.16; that the basis of the petition is baseless and that the same was filed for the Petitioner’s own extraneous reasons; that the new management of OGL has facilitated a substantial improvement in the quality of the operations and the machinery utilized; that OGL is very much a going concern and in any event is solvent and able to make payment of its legitimate debts as and when they fall due; that the basis upon which the Petitioner has initiated the said Winding Up application is fundamentally flawed and misconceived. The case is next scheduled to be called on 04th June 2015.

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