New Delhi, Dec 20 (IANS): In a big relief for panicky investors, Tribhovandas Bhimji Zaveri Ltd on Friday clarified that a firm by similar name against which National Company Law Tribunal (NCLT) allowed bankruptcy proceedings is in no way related to it.
The clarification to the BSE came after a public announcement appeared in a newspaper informing the creditors about bankruptcy proceedings against Tribhovandas Bhimji Zaveri & Sons Retail Pvt Ltd.
"We would like to clarify that Tribhovandas Bhimji Zaveri Limited ('the Company') is neither connected nor does it have any relation with 'Tribhovandas Bhimji Zaveri & Sons Retail Private Limited' nor do the promoters/the management of the Company hold any shares/ are in the management or control of Tribhovandas Bhimji Zaveri & Sons Retail Private Limited," the BSE-listed company said.
"Tribhovandas Bhimji Zaveri & Sons Retail Private Limited is a different company and does not form part of the group I brand TBZ - The Original, Shrikant Zaveri Group," it added.
As per the newspaper announcement, Tribhovandas Bhimji Zaveri & Sons Retail Pvt Ltd is based out of Mulund, a Mumbai suburb. The public announcement asked creditors of the bankrupt company to submit their claims along with proof on or before January 3, 2020.
The bankruptcy proceedings commenced against Tribhovandas Bhimji Zaveri & Sons Retail Pvt Ltd on December 16.