Wockhardt promoters move Gujarat court against bondholders' trust

The legal tussle between Wockhardt and its bond holders may take another turn, with the promoters moving a court in Ahmedabad recently. Till now, the dispute was between the company and offshore investors holding Wockhardt’s foreign currency convertible bonds (FCCBs).

This matter is pending before the Bombay High Court. Now, grapevine has it that the promoters of the pharma firm have moved court in Gujarat against trustees of the bondholders. The possible outcome of this latest legal twist is unclear. Wockhardt chairman Habil Khorakiwala could not be contacted despite repeated attempts.