Winsome Diamonds' finance head resigns

Ramesh Parikh, Finance Director of Winsome Diamonds and Jewellery Ltd resigned ahead of board meeting due to differences with the company’s promoter, Jatin Mehta, over negating auditor's call for a credible future action plan.

The jewellery manufacturer and exporter, which defaulted over Rs 6,200 crore, along with its sister company Forever Precious Jewellery & Diamonds Ltd had delayed the board meeting twice in the past due to the absence of the promoters' forward looking statement for restructuring the company.

Ever since the corporate debt restructuring (CDR) proposal was rejected mid-last year, the lenders led by Punjab National Bank, have been seeking a definite action plan from Jatin Mehta. Winsome was declared defaulter for Rs. 4,380 crore of adjusted limit.

In a clear violation of the regulator compliance, Winsome was supposed to file an audited financial statement for the year 2012-13 and inform Sebi and the stock exchanges on which it is listed. The company wanted an extension for six months, which was later granted by the regulator. But, the company missed the extended deadline on November 30, 2013, and will now have to file a statement for the 18 months ending September 2013 with the stock exchanges by March 31, 2014. However, Considering 21 days of notice period abiding by to Sebi guidelines and approx 10 days of printing and distribution of the result copy among shareholders, the deadline is unlikely to meet. Therefore, as the head of finance, Parikh had to step down, according to an official.