High court orders Gujarat Telephone Cables to wind upApril 17th, 2008 - 8:06 pm ICT by admin
Ahmedabad, April 17 (IANS) The Gujarat High Court has ordered city-based Gujarat Telephone Cables Ltd (GTCL), one of the major suppliers of jelly-filled telephone cables in India, to wind up. The court, in its March 12 order, also appointed an official liquidator for the company, GTCL said Thursday in a filing with the Bombay Stock Exchange (BSE).
For the past one month, there has been no trading in the company shares. GTCL has been suspended from the BSE on account of non-compliance with listing agreement clauses.
No one was available from GTCL to respond on the court order. GTCL was incorporated as a private limited company in 1983 and was converted into a public limited firm in 1986.
The company manufactured all types of armoured and unarmoured jelly-filled cables, dry core cables, category-5 cables, quad cables, aerial cables and coaxial cables.
According to sources, GTCL ran into financial troubles due to delays in orders from the Department of Telecommunications.
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