January 11, 2011

Orkay Silk Mills is History

The Bombay High Court had issued winding up orders to Orkay Silk Mills Shares (new name Orkay Industries Ltd)in year 1999.

So, I am afraid that the company doesn't have any "best" value except say a few paise here and there.

I would suggest the blog administrator not to let this valuable information platform become a trading place for dud stock, least it drives away the savvy investor. I dont want to be seen as a snob but I leave this to the good judgment and discretion of esteemed and dear Mr Ashwani who is handling the responsibility with great aplomb.

Satyakam Mishra


The blog administrator is , also , holding Orkay Silk Mills shares . We were not aware of this  valued information given by Mr. Satyakam Mishra .We were hoping that there may be in Orkay some proverbial " Land Bank " etc etc


Anonymous said...

Well I hope that Orkay does have some proverbial land bank but we know how things are. Better to be realistic. At Orkay the workers and other creditors, had alleged misappropriation of funds when the whole case was under court surveillance. We know the fate of Indian Polyfibre, NOCIL, JK Synthetic, JCT ltd. These were quite popular in Nineties in Delhi stock exchange.
I am sorry I have to disappoint Mr. Agarwal regarding the land bank. Orkay had already sold its corporate office in south Mumbai to Mumbai-based paints company (at 14-15 odd crore). While for its plant, I don’t think it exist any longer.
Orkay, which posed an alarming threat to Reliance in the eighties, slipped into the red following a downtrend in the polyester industry. With Reliance building up massive polyester capacities, players like Orkay and Baroda Rayon Corporation suffered brutal a setback, which resulted in huge outstanding loans. Several policies such as the High Unit Value Scheme were introduced for the sole benefit of Reliance and tariffs mostly for the detriment of competitors like Kapal Mehra (Orkay Silk Mills) and Nusli Wadia (Bombay Dyeing).

The lank bank story was true in case of NOCIL, Mafatlal, Hindustan Composite etc and now hopefully Oswal Agro.

I would conclude the Orkay story by quoting Robert Frost (which I very vividly remember)- "Take care to sell your horse before he dies. The art of life is passing losses on".

Satyakam Mishra

Ashwani Kumar Aggarwal said...

We greatly admire your knowledge .

Thanks for sharing it.

Regards ,


small investor said...

It is for government to safe guard the small investors. Most promoters of such companies has siphoned huge public money and are back in business through other name or by funding their sons and daughters. Govt/sebi should not allow such persons/families to set up new ventures before they pay of earlier shareholders.

Anonymous said...

Dear all,

I am also in the boat of Orkay Silk Mills Ltd (Now Orkay Industries Limited).

I visited their place in Saki Naka in Mumbai's suburbs. I found that a large building partly constructed. There was no activity going on. The security guards had no clue.

But I noticed the logo of the developer "Orbit" on a wall. Further, there was a plastic banner spread on a gate which said that this property is in possession of LIC Housing Finance Ltd.

I tried to make local inquiries nearby but drew a blank. But a kind Paan-seller told me that he was also a shareholder and a looser like me. According to his information, the Company was in liquidation and I may approach the Official Liquidator for more information.

I visited the office of this authority at Bank of India Building, 5 th Floor,Mahatma Gandhi Road, Fort, Mumbai 400 023. ( Tel :2267 0024 / 5008). They also have a website where Orkay is among the companies under liquidation but there was no further detail or elucidation.

It is a typical Govt Office and the staff is swimming in files and dockets of numerous companies under liquidation.

After a lot of going from table to table, I tracked the person dealing with this company.

I learnt that the Company's matter has been passed on to Debt Recovery Tribunal. As and when some money is recovered, it will be distributed.

But wait a minute. Do not count the chickens. First secured creditors will be paid like employees' unpaid dues, unpaid Govt and Municipal taxes, unpaid utility bills. Share holders will come last if any residue is left.

Unknown said...

Thanks a lot. Please update

Orkay silk company said...

Please call me on 9082027022 I want some information about this orkay silk company I'm staying at Sakinaka please call me

NSS Volunteer said...

I have 1500 shares of Okay industries lying in physical some are transferred but some of them could not transferred because the letter contaning shares with transfer deed was not delivered and returned back. Is there any value of them or should be destroyed.

Ashwani Kumar Aggarwal said...

We do not think they carry any worth . Just keep them in junk box. Regards

Unknown said...

Can we claim long term capital loss for orkay shares which is under liquidation?
If so we will be able to recover sone of our losses.
There is provision in incine tax laws to claim such loss for all shares under liquidation.

Please advice on how calculation is to be done.

Unknown said...

We can claim long term capital loss on shares under liquidation.
This can be offset against long term capital gain
This is how some loss can be recovered

Ashwani Kumar Aggarwal said...

Yes Long Term Loss incurred in Orkay can be offset against Long Term Capital Gains .

Unknown said...

I have 200 shares in Orkay, Old Physical Shares, do they carry any worth and if yes, how do I claim that worth and get some money!

Ashwani Kumar Aggarwal said...

They do not carry any worth .

Anonymous said...

We have 1000 shares of orkay industries. Shall we sale that shares and what is the price

Anonymous said...

Can anyone please share the contact information/address/email address of the official liquidator for irkay silk mills/orkay industries. I am also one of its shareholders suffering loss of my hard earned money.
Vinod bakshi

Ashwani Kumar Aggarwal said...

Orkay Silk Mills now , it seems , does not exist.

Anonymous said...

I have 100 shares of orkay. How to sell them.

Anonymous said...

Hii i have 100 shares of rajasthan breweries how to sell

Anonymous said...

I have some shares of
Dynamatic forgings
Janpriya cement
Orkay industries
Premier protien

Cam anybody help me with these shares whether the company is merged with some other company
My contact no : 9920461480

Anonymous said...

I am Parshottam Lal Sehgal holding 400 shares orkay industries ltd(now orkey silk mills limited)under folio P-103052
We would like to understand the latest developments/status of the company

Anonymous said...

I have 1k shares of this company at value of 10 rupees.Please tell me what to do.I have physical shares

Rafik Memon said...

Mere pass 50 Sher Hai unke Silk mil sake

Anonymous said...

I have 1000 shares of orkay how can I sale