General Intimation.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Transgene Biotek has informed BSE that M/s Babaji Nethralayya Private Limited has initiated Corporate Insolvency Resolution Process (CIRP) against the company under Section 7 of the Insolvency and Bankruptcy Code, 2016. The trigger is an unpaid secured loan that the company had raised with board approval to clear urgent liabilities. The company blames its failure to repay on ongoing restrictions and penalties imposed by SEBI and the Enforcement Directorate. Appeals pending before the Securities Appellate Tribunal (SAT) in Mumbai and the Appellate Tribunal in Delhi have not yet been resolved. The company has stated it will try to settle with the creditor to prevent the matter from moving to the next stage of the insolvency process.
This is materially negative for shareholders — initiation of CIRP typically leads to a sharp drop in stock price, possible trading suspension, and significant risk of equity value erosion or dilution under a resolution plan. Investors should brace for high volatility and monitor NCLT hearings closely.