Makers of Premier Padmini cars face uncertain future; seven bids for insolvent company
The Pune-based automative and engineering company Premier Ltd, which is undergoing a corporate insolvency resolution process (CIRP), has attracted interest from seven bidders to acquire the company through the CIRP. Premier Ltd used to manufacture the popular Premier Padmini cars of yesteryears.
These bidders – also called resolution applicants – include Shanti GD Ispat & Power Private Limited, Sadhana Nitro Chem Limited, Bommidala Enterprises Private Limited, Palika Towns LLP, Runwal Developers Private Limited, Fab Metals private Limited & Person Acting in Consent & Others and Fortuna Engitech and Structurals (India) Private Limited and Person Acting in Consent and Others.
Resolution professional Kanak Jani informed the exchanges in a regulatory filing.
“Pursuant to Regulation 30(2) read with sub-clause 16(i) of Para A of Part A Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that the Resolution Professional has received seven resolution plans for Premier Limited from the Prospective Resolution Applicants as per attached Sheet, which shall be placed before the Committee of Creditors for its consideration,” read the exchange filing.
This insolvency application against Premier Ltd was filed by Anand Rathi Global Finance Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC) for the former’s failure in making payment of Rs. 8.35 crore.
In January 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted the insolvency application thus setting in motion the CIRP.
Established in 1944, Premier Ltd (earlier Premier Automobiles Ltd) pioneered automobile manufacturing in India. Today the Company’s focus is on two core businesses, namely Automotive and Engineering, which operate out of its manufacturing plant in Chinchwad, Pune. The Engineering segment has two activities – CNC Machine Division and Engineering while the Automotive segment consists of Light Utility Vehicles and Sports Utility Vehicles.
Known once for its famous Premier Padmini cars in joint venture with Fiat, the company failed to survive the advent of the Maruti Suzuki’s era and a post-liberalised India in 90s when several foreign players started operations in India in collaboration with local players.
Premier Padmini was manufactured in India from 1964 to 2001
In 2000s, it tried to consolidates its operations by selling its Mumbai plant and investing Rs 300 crore in the Pune plant.
Also Read: How popular brands of yesteryears failed to rekindle their old world charm under IBC
Pr emier ltd. is a fraudulent company
the company headed by Mr. Maitreya Doshi had cheated fixed deposit holders which included me also
self and my spouse invested Rs 80,000 jointly in November 2011 and till date t hey have not paid me boh
principal amount as well as interest i should collect penal interest from them for being defaulted in their payments
i am requesting investors not to invest any hard earned money in this company
mr doshi raised loans earlier from Corporation BANK he defaulted t hen the bank filed law suit against Premier Lt d.
then he ate all the amounts from deposit holders and he repaid the borrowed loan to corporation bank (PSU bank)
he is a cheater his financial chief is also telling me lies i asked him to prove from his bank statement about payment