Orchid Chemicals promoter group defaults on warrants conversion

Orchid Chemicals & Pharmaceuticals Ltd has announced that the Board of Directors of the Company has forfeited the 10% of the share price amount paid, aggregating to Rs 805.54 lakhs, by Mrs. R Vijayalakshmi (Promoter) and Dr. M R Girinath (Promoter Group) on account of the non-conversion of the 35,60,000 share warrants into equity within the stipulated period of 18 months from the date of allotment of warrants (i.e. on or before February 01, 2007).

Source : Equity Bulls

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