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High Court issues injunction against IDBI in Orchid case

Source : BUSINESS_STANDARD
Last Updated: Mon, Dec 10, 2012 09:22 hrs

pThe Madras High Court has issued an injunction against IDBI Bank from taking any steps relating to the conversion of its lending to Orchid Chemicals and Pharmaceuticals Ltd into equity for a limited periodppThe decision taken recently relates to a dispute after IDBI Bank issued a notice to convert a part of its loan to equity in Orchid Pharma which led both the parties resorting to court proceedingsppAccording to earlier reports the proposed deal of Orchid Pharma to sell its manufacturing facility in Maharashtra and related R&D in Chennai to US-based Hospira Inc for a consideration of 200 million now depends on the court verdict or a settlement of the dispute since the bank wants the company to meet the conditions stated in its loan agreement before selling the businessppAccording to the report IDBI has lent Rs 300 crore to the pharmaceutical firmp

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