Court order to weaken Geodesic

Shares of BSE-listed Geodesic will come under pressure, as the Bombay High Court has ordered the firm to deposit $162 million (about ₹970 crore) in Citibank Branch, London or Singapore by April 28. The Mumbai-based firm defaulted on its foreign currency convertible bonds obligation of $157 million in 2013. The court said any failure on Geodesic's part to deposit the funds would force it to appoint provisional liquidator for the recovery. In February, the London Court had ordered to pay the dues.