SPIC ---the petrochemical / fertilizer l industry is deep in the red now. But some time ago I read a statement in a prominent economic site that it will soon become the Infosys of fertilizers. Are these the gimmicks of the promoters to boost the share price and then offload their stake in the market? Who can protect the poor shareholders from such dirty games played by the promoters?
It has a total outstanding debt of approx. 2800 crores. They have been running from pillar to pillar to get some debt refinancing to ensure that the operations dont fold up or the company doesnt go down the drain. There are reports that ARCIL (Asset Reconstruction Company of India has taken over 80% of this debt and they are in the process of auctioning off something like 15 properties. The plan is fo ...more