February 19, 2015

Orkay Mills - Update - Message Received From an Investor

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.


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