Shiv-Vani Oil in deep red

Shiv-Vani Oil is deep in the red today morning. The stock is almost 5% at Rs.10.40, frozen on the lower circuit as soon as it opened for trade. Its 52-week low stands at Rs.9.75.

The stock is in red after the Delhi High Court has restrained the company from operating its bank accounts and creating any charge or otherwise disposing off the assets. It has also restrained has its directors from finalizing or implementing any CDR scheme. The directions came in a winding-up petition moved by Citicorp international on behalf of the holders of the company’s foreign currency convertible bonds (FCCB). The company has raised FCCBs worth $80 million, maturing in August 2015.   Banks like include ICICI Bank, State Bank of India, Punjab National Bank, YES Bank, Corporation Bank and IFCI have lent money to the company.