Tentatively case may be listed on (likely to be listed on) 03-05-2024 (Computer Generated)
Tarik pe tarik 
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Just sent a mail to investor relations seeking the reason behind multiple postponements, will update the group once I get a reply.
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So from the con-call it appears that Management doesnât anticipate a scenario where the ruling is not in their favor (as in there doesnât seem to be a plan B with regard to future growth). So letâs hope their confidence holds good. One point that I couldnât quite grasp was the condition subsequent to acquisition of HNG to sell their Rishikesh unit (400 TPD capacity) which is a voluntary modification action from AGI. Anyone can shed more light on this?
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âAGIâs resolution plan got âconditionalâ approval from the CCI in March 2023. There were complaints that AGIâs acquisition of HNG would create a monopoly in the segment it operates yet the CCI gave its go-ahead on the âconditionâ that AGI had agreed to divest HNGâs Rishikesh plantâ
So looks like it was voluntary in order to ensure CCI doesnât raise concerns on monopoly.
Best case assuming positive SC verdict it will take 6 - 9 months before AGI would get hand on HNG assets. This is turning out to be long drawn battle.
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SEBI fined AGI for failure to disclose to shareholders key details of the modifications to the HNG deal required by CCI. The order is discussed in detail in this article -
https://businessworld.in/article/sebi-fines-agi-greenpac-for-inadequate-disclosures-to-shareholders-519391
A week back, following the SEBI imposed penalty, AGI has made a voluntary disclosure of all litigations pending with Supreme Court and NCLT regarding the HNG deal. Total 12 challenges, 7 with Supreme Court and 5 with NCLT. Of these 4 have been filed by Independent Sugar, 2 by UP Glass Manufacturersâ Syndicate and the rest by various labour Unions of HNG.
UP Glass Manufacturersâ Syndicate has 4 Directors, all of whom own glass making companies. One of the directors is Mr. Sanjay Agarwal of Kwality Glass Works. There is a Sanjay Agarwal who is the sitting President of the All India Glass Manufacturersâ Association - The All India Glass Manufacturers' Federation. Not sure if its the same person. The Sr. Vice President of AIGMA belongs to AGI Glasspac.
Disc: Not invested. Tracking the HNG acquisition.
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Arihant Capital analysis of the HNG acquisition and buy recommendation issued.
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thx Sid_Mathew for the update That is why the stock is up around 8% today i think by the end of August the court decision will come in favor of AGI
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I just checked. Seems to be working fine.
Yes working now. Had been trying since last 2 days. Opened only now. Thanks.
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Caution for retail investors - Huge volumes yesterday but comparatively low delivery percentage.
Looks good in absolute numbers but this jump may still be speculative based on the Arihant Capital analysis report. Company will definitely do good in the mid to long term but the immediate huge jump is something to be cautious about.
Disc: Invested.
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Dont find any issue here as 230 cr capex to further optimize capacity and its trading cheap
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