Promoters bought 3,00,00,000 shares & FIIs bought 17,82,35,000 shares of this multibagger penny stock: Company wins court case regarding SPA with Cupid Ltd & others
From Rs 2.66 per share (52-week low) to today’s intraday high of Rs 5.34 per share, the stock gave multibagger returns of over 100 per cent.
Vikas Lifecare Ltd, a Small-Cap company won a court case regarding the share purchase agreement SPA with Cupid Limited and others.
This document details a legal dispute between Vikas Lifecare Ltd and Cupid Limited, along with several other parties. Here's a breakdown of the situation:
Agreement: Vikas Lifecare Ltd had a deal to acquire a significant shareholding (44.84 per cent) in Cupid Limited from Mr and Mrs Garg. This translates to roughly 59.8 million shares.
Dispute: Apparently, Mr Omprakash Garg and Mrs Veena Garg attempted to back out of the agreement. Vikas Lifecare took legal action to enforce the deal.
Counter-Move: In response, Mr Omprakash Garg & Mrs Veena Garg sold their entire Cupid Ltd stake to Columbia Petro Chem Pvt Ltd and Mr Aaditya Kumar Halwasiya. They even made a public offer to acquire more shares.
Court Order: Vikas Lifecare prevailed in court. The judge ruled in their favour on March 30, 2024. The order restricts Cupid Limited and the other defendants from changing their financial structure or creating rights for third parties regarding the disputed shares. Additionally, anyone wanting to make such changes must first deposit a substantial bank guarantee (nearly Rs 150 crore) with the court.
Further Implications: The court also included Columbia Petro Chem and Mr. Halwasiya as defendants in the case, suggesting they might have been aware of the ongoing dispute. Regulatory bodies like SEBI and stock depositories (CSDL & NSDL) were directed to ensure the court's order was implemented.
Overall, this legal victory secured Vikas Lifecare's right to acquire the agreed-upon stake in Cupid Limited. The court's order prevents the other parties from taking actions that could undermine this right.
Vikas Lifecare Limited (VLL) is an ISO 9001:2015 certified company specializing in the manufacture and trade of polymer and rubber compounds, including environmentally-conscious upcycled materials. VLL supports government sustainability initiatives and works as a Del-Credere agent for ONGC Petro Additions Limited. Their subsidiary, Genesis Gas Solutions Pvt Ltd., is a leading provider of Smart Gas Meters. To accelerate growth, VLL has diversified into B2C products (FMCG, Agro, Infrastructure) and is strategically expanding into the entertainment sector (including nightclubs, music production, and film production) to fuel further business growth within India and internationally.
Today, shares of Vikas Lifecare Ltd hit a 5 per cent upper circuit to Rs 5.34 per share from its previous closing of Rs 5.09 per share. The shares of the company saw a spurt in volume by more than 1.05 times on BSE. The stock’s 52-week high is Rs 7.92 while its 52-week low is Rs 2.66. The company has a market cap of Rs 860 crore.
As of March 2024, the promoters of the company bought 3,00,00,000 shares and increased their stake to 11.74 per cent while FIIs bought 17,82,35,000 shares and increased their stake to 10.82 per cent and the rest 77.44 per cent is owned by the public shareholders. From Rs 2.66 per share (52-week low) to today’s intraday high of Rs 5.34 per share, the stock gave multibagger returns of over 100 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
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