Pincon Spirit takes over five liquor retail outlets

Pincon Spirit takes over five liquor retail outlets

Located at Kolkata

Pincon Spirit has taken over 5 (Five) numbers Liquor Retail Outlets viz. M/s. Rajbalhat Restaurant cum Bar, Janai F L, B. M. Stores, Deb Marchant and S. N. Pramanick C. S. which are situated at different prime locations in Kolkata. This step is an edge towards own brand emerging sales through retail outlets only.

 

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Pincon Spirit Ties Up With Spencer’s Retail

Pincon Spirit Ties Up With Spencer’s Retail

the company announced that it has entered into a tie-up with 26 retail outlets of Spencer’s Retail for selling and distribution of its edible oil viz. Pincon Mustard Oil and Pincon Soya Oil.
This expansion of market will allow Pincon FMCG products to reach wider consumer market and establish itself as premium brand in Edible Oils Segment. The company expect a huge response with this tie-up and grow its sales turnover and net profit.

Pincon Spirit breaches lower circuit; ties up with Spencer’s Retail

Pincon Spirit breaches lower circuit; ties up with Spencer’s Retail

Resuming trade on Monday following SAT’s stay on SEBI’s order, Pincon Spirit breached lower circuit during early morning trade on the BSE.

Resuming trade on Monday following SAT’s stay on SEBI’s order, Pincon Spirit breached lower circuit during early morning trade on the BSE.

The stock breached its lower circuit at Rs 57.35 per share, down by Rs 14.30 or 19.96%.

Also, the company announced in a BSE filing on Monday that it has entered into a tie-up with 26 retail outlets of Spencer’s Retailfor selling and distribution of its edible oil viz. Pincon Mustard Oil and Pincon Soya Oil.

The stock attracted a traded volume of 51,567 shares and traded value of Rs 29.65 lakh on the NSE.

Last week, the Securities Appellate Tribunal (SAT) had stayed a SEBI’s order to the stock exchanges which led to the suspension of trading in the stock of Pincon Spirits.

Stock view:

Pincon Spirit Ltd is currently trading at Rs 57.35, down by Rs 14.3 or 19.96% from its previous closing of Rs 71.65 on the BSE.

The scrip opened at Rs 57.35 and has touched a high and low of Rs 57.35 and Rs 57.35 respectively. So far 69510(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 315.88 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 80.3 on 25-Jan-2017 and a 52 week low of Rs 54.85 on 21-Nov-2016. Last one week high and low of the scrip stood at Rs 0 and Rs 0 respectively.

The promoters holding in the company stood at 32.82 % while Institutions and Non-Institutions held 3.59 % and 63.59 % respectively.

The stock is currently trading above its 200 DMA.

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SAT lifts trading curbs on Parsvnath, 5 others

SAT lifts trading curbs on Parsvnath, 5 others

The other five companies which got relief on Friday are Kavit Industries, Pincon Spirit, Signet Industries, SQS India BFSI and KKalpana Industries.

The Securities Appellate Tribunal (SAT) on Friday lifted Sebi’s trading restrictions on shares of six suspected shell companies, including Parsvnath Developers, and asked the regulator to hear them and also probe them.

The other five companies which got relief on Friday are Kavit Industries, Pincon Spirit, Signet Industries, SQS India BFSI and KKalpana Industries.

Capital market regulator Sebi had on August 7 had asked stock exchanges to restrict trading in shares of 331 suspected shell companies, some of which have several well- known domestic and foreign investors.

The move came after the watchdog received a list of such firms from the corporate affairs ministry and many of them are under the scanner of the Serious Fraud Investigation Office (SFIO) and the Income Tax Department.

Of the 331 such entities, the six companies have moved the SAT against the Sebi direction and got a reprieve on Friday.

Yesterday two others, too, got the curbs lifted by SAT.

At the hearing today, the companies submitted their respective financials along with other filings before the tribunal to establish that they are not shell companies but are in full compliance with all regulations.

Following this, SAT lifted the trading restrictions imposed on these companies and the counters of these firms are likely to resume normal trading from Monday.

At the same time, SAT said Sebi and stock exchanges can hear these companies and begin probe into their business operations.

Yesterday, SAT had stayed trading restrictions imposed on J Kumar Infraprojects and Prakash Industries, observing that Sebi issued the list without investigating the credentials or fundamentals of these firms.

Of the 331 entities on the list, over 160 are actively traded on the exchanges.

 

Pincon can Start Daily Trading in the Securities

Pincon can Start Daily Trading in the Securities

Securities and Exchange Board of India (SEBI) had included Pincon Spirit name in list of Shell Companies. Mr. Arup Thakur, CFO of Pincon Spirit was shocked to hear about such a drastic step taken by SEBI.

What had happened was uncalled for. The Company has Liquor and FMCG Business. With 6 Manufacturing Units in West Bengal, the company has wide market. Pincon Spirit has had a Clean Record with SEBI and has been complying with all regulatory formalities from time to time.

Mr. Thakur had told in an interview that he will be taking urgent steps to mitigate this issue. Very true to his words, he did take immediate action and appealed with THE SECURITIES APPELLATE TRIBUNAL, Mumbai. The hearing was held and decision made on 11th Aug 2017 where the Appellate Tribunal ordered the Reversal of Suspension.

Apparently, it is understood from the order copy of the appeal that SEBI, without conducting any investigation and without hearing the company, solely based on the letter dated 09.06.2017 received from the Ministry of Corporate Affairs (MCA), SEBI passed ex-parte order on 07.08.2017 directing the stock exchanges to treat the company as a ‘suspected shell company’ and suspended the daily trading in the securities.

SEBI prima-facia agreed that the company’s records and turnover for the past three years are correct.

It was decided that SEBI will direct the stock exchanges to reverse their decision in respect of the company (Pincon Spirit) as expeditiously as possible.

Click here to see the order Copy

Pincon Spirit has got a clean track record of complying with all the regulators: Arup Thakur, Pincon

Pincon Spirit has got a clean track record of complying with all the regulators: Arup Thakur, Pincon

In a chat with ET Now, Arup Thakur , CFO, Pincon said that,” the inclusion of the name of Pincon Spirit in the list of Shell companies business was surprising to us. We being primarily into the liquor business.” Edited excerpts:

ET Now: Can you just first clarify for us what exactly has been communicated to you with respect to this SEBI notice? 
 
Arup Thakur: I just came to know about this notice yesterday night so now the concern is exactly the communication that we have received from stock exchange SEBI. The inclusion of the name of Pincon Spirit in the list of Shell companies business was surprising to us. We being primarily into the liquor business and also in the FMCG we are having six of our production unit.

Every day we are paying government duties, so we really do not fit into the definition of a shell company. So it is really surprising for us and definitely we will look into the information that is being sort by the regulators and will comply with that because till now Pincon Spirit has got a clean track record of complying with all the regulatory formalities requirements and inquisition from time to time. So here also there should not be an exception and we are taking very urgent steps and we will try to mitigate the thing.
ET Now: Can you tell us that if in the past has SEBI or any of the exchanges sought any kind of information from you regarding any kind of regulatory information whether the promoters or the board of directors have actually been in the market or anything to comply with financials, anything….? 
 
Arup Thakur: No. So far, to the best of my knowledge there is no such thing, number one and number two, all the corporate developments and all the corporate actions, we are very prompt to put into the public domain for the information of our shareholders, so no such instances are there which should have a bearing on this.
ET Now: So what will be your next step? You were saying that you were surprised and you have been complying with all the regulators so far so what will your next step be? 
 
Arup Thakur: We will immediately interact with the regulators and the process is already on. So it will be on war footing basis so that we need to come out of this.

ET Now: We know that this is the activity which the government is trying to put alongside IT department of official exchanges regulators and whether rightfully or wrongfully your company name has also occurred here, is something we will know maybe later. But wanted to understand that does your business model also take into account movement of money across the countries or yours is a completely domestic focussed company?
Arup Thakur: That is what I am trying to hint there that we are yet to know the reason why they are putting into this, so definitely we need to interact with the regulators. It is very early to comment right now. We will honour the views of the regulators and definitely if at all there is any short comings in their eyes, it will be taken care of by the management of company.
ET Now: Have you sought legal help? Have you spoken with your legal team? Are you responding to the circular from the exchanges, between the morning and right now what has been the activity at your level, how are you responding? 
 
Arup Thakur: As I was telling I was travelling in the morning. I have just landed. So definitely by the end of the day we will be able to know. Definitely our team is working and they are attending so I will just go down and I will have a look what are the developments.
ET Now: One of the biggest things which has happened is now companies including your will be traded only once a month and there are other things which… so would you challenge this, would you take up because your shareholders and the entire shareholding including promoters of course they would be barred from raising money in the market or all those activities have been put on stop so will you at least challenge it? 
 
Arup Thakur: So right now it is too early to comment on this, let things work out then I will be in a better position to comment on this.
Read Full News On economictimes.indiatimes.com