Wockhardt and its lender, Royal Bank of Scotland (RBS), agreed to mutually settle their case relating to non-payment of derivatives dues for which the Bombay High Court has granted the companies three weeks time to resolve the issue. Earlier, Wockhardt's lender RBS had filed a case in the Bombay High Court for non-payment of its dues amounting to Rs 20 crore and the amount which was claimed by RBS was partly from derivatives loses and partly from working capital.
In March 2010 RBS had filed the petition. Both the applicant RBS and respondent Wockhardt showed their willingness to settle the case out of court, within three weeks when the case came for hearing on Thursday Justice SJ Kathawala granted the plea and adjourned the case till July 7.
If the settlement breaks down, then both RBS and Wockhardt would face issues in terms of proving the claims of derivatives losses. Wockhardt is trying to settle the dues in all possible ways as the pharma sector is picking up well. The applicant RBS is represented by Praveer G Shetty while Wockhardt is represented by Majmudar & Co.
Recently, Wockhardt was reportedly in talks to license its leading nutrition brand, Protinex, for around 400 crore, with a clutch of multinationals like Abbott, GlaxoSmithKline Consumer Healthcare and Heinz, after a bid to sell the nutrition business outright met with opposition from unsecured lenders last year, but no deal has been concluded yet.
Wockhardt is a global, pharmaceutical and biotechnology company that has grown by leveraging two powerful trends impacting the world of medicine - globalization and biotechnology. The company has a market capitalization of over $1 billion and an annual turnover of $650 million.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1862.15 |
| Dr. Reddys Lab | 1394.55 |
| Cipla | 1510.65 |
| Lupin | 2229.60 |
| Zydus Lifesciences | 979.00 |
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