Gaekwar Mills Limited was established on June 16, 1928. Initially focused on fabric manufacturing within the textile industry, the company faced financial challenges, leading to the declaration of its unit as "sick." To address this, the company underwent restructuring, including the clearance of all liabilities and the establishment of a new unit, as per a Scheme sanctioned by the Bombay High Court under Section 391 of the Companies Act, 1956. Currently, the company is involved in developing 60% of its land in Bilimora, Gujarat.
In 2015, former workers filed three Special Leave Applications (Civil) with the Supreme Court of India, contesting rulings by Gujarat and Bombay High Courts in favor of the company. The Supreme Court disposed of these applications on January 13, 2015, granting four weeks for the workers' association to address office objections in their earlier appeal filed with the Bombay High Court. The High Court was requested to hear the workers' appeal within the legal framework. The appeal was scheduled for a hearing on June 29, 2015.
The company emerged from liquidation in 2016, following an order dated June 30, 2015, by the Bombay High Court. The Gaekwar Mills Sangharsh Committee, an alleged workers' association, attempted to challenge this order through a Notice of Motion before the Bombay High Court, which was rejected on July 28, 2016. Despite this, directors were permitted to proceed with the implementation of the Scheme of Compromise/Arrangement approved by the Bombay High Court in September 2009, with subsequent modifications.
Following the Supreme Court's order of January 13, 2015, the Bombay High Court reinstated the workers' pending appeal and admitted it on January 4, 2016, without interim relief. The appeal is now expected to proceed to final hearing and disposal at the convenience of the Bombay High Court.
In 2018, the company provided an Inter Corporate Deposit of Rs 2,08,50,000 to its associate company, M/s Platinum Square Pvt Ltd. Additionally, the terms and conditions of Non-Convertible Debentures issued under the Scheme of Compromise/Arrangement sanctioned by the Bombay High Court in 2009 were altered by the company's management. Debenture holders approved these changes on May 30, 2017. Provision for a premium on debenture redemption was made for the fiscal year ending March 31, 2017.
On June 1, 2018, the company subdivided its shares from Rs 100/- to Rs 10/- each, resulting in 2,00,000 Equity Shares of Rs 10/- each.
During the fiscal year 2018-19, significant legal orders were issued against the company, with pending litigation including appeals before the Bombay High Court and a Special Civil Application before the Gujarat High Court.
Initially wound up by an order dated February 4, 2008, by the Bombay High Court, the company was revived through a Scheme of Compromise/Arrangement sanctioned by the same court on September 10, 2009. The winding-up order was ultimately set aside on June 30, 2015, and the company exited liquidation.
In 2015, former workers filed three Special Leave Applications (Civil) with the Supreme Court of India, contesting rulings by Gujarat and Bombay High Courts in favor of the company. The Supreme Court disposed of these applications on January 13, 2015, granting four weeks for the workers' association to address office objections in their earlier appeal filed with the Bombay High Court. The High Court was requested to hear the workers' appeal within the legal framework. The appeal was scheduled for a hearing on June 29, 2015.
The company emerged from liquidation in 2016, following an order dated June 30, 2015, by the Bombay High Court. The Gaekwar Mills Sangharsh Committee, an alleged workers' association, attempted to challenge this order through a Notice of Motion before the Bombay High Court, which was rejected on July 28, 2016. Despite this, directors were permitted to proceed with the implementation of the Scheme of Compromise/Arrangement approved by the Bombay High Court in September 2009, with subsequent modifications.
Following the Supreme Court's order of January 13, 2015, the Bombay High Court reinstated the workers' pending appeal and admitted it on January 4, 2016, without interim relief. The appeal is now expected to proceed to final hearing and disposal at the convenience of the Bombay High Court.
In 2018, the company provided an Inter Corporate Deposit of Rs 2,08,50,000 to its associate company, M/s Platinum Square Pvt Ltd. Additionally, the terms and conditions of Non-Convertible Debentures issued under the Scheme of Compromise/Arrangement sanctioned by the Bombay High Court in 2009 were altered by the company's management. Debenture holders approved these changes on May 30, 2017. Provision for a premium on debenture redemption was made for the fiscal year ending March 31, 2017.
On June 1, 2018, the company subdivided its shares from Rs 100/- to Rs 10/- each, resulting in 2,00,000 Equity Shares of Rs 10/- each.
During the fiscal year 2018-19, significant legal orders were issued against the company, with pending litigation including appeals before the Bombay High Court and a Special Civil Application before the Gujarat High Court.
Initially wound up by an order dated February 4, 2008, by the Bombay High Court, the company was revived through a Scheme of Compromise/Arrangement sanctioned by the same court on September 10, 2009. The winding-up order was ultimately set aside on June 30, 2015, and the company exited liquidation.
