Bombay HC admits winding-up petition against Wockhardt

MUMBAI: The Bombay High Court on Friday admitted a winding-up plea against Mumbai-based pharmaceutical company Wockhardt in a lawsuit brought by holders of $74mn worth of foreign currency convertible bonds (FCCBs). Wockhardt defaulted on the FCCBs in 2009.

Justice S C Dharmadhikari pronounced the operative part of his order admitting the winding-up plea at 3.30 in the afternoon in his chambers at the Bombay High Court. A written and signed copy of the order had yet to be delivered to various parties involved in the court case, at the time of writing.

A Wockhardt spokesperson confirmed that judge had admitted the petition filed by trustees to the bondholders.

"We will appeal the judgement," he said. A person close to the company said the judge had stayed the placing of advertisements by petitioners regarding the winding-up for 12 weeks.