One more IPO is open and its Jindal Cotex. The offer is open between August 27th to September 1, 2009 for subscription and the price band for the IPO is Rs 70 to Rs 77
Jindal Cotex manufactures products like Acrylic, Polyester, carded yarn etc which are used to manufacture suitings and fabrics.
I read on onemint and I quote
Jindal Cotex, its directors and group companies face various court cases against them, which if decided against them will have adverse impact on the business.
Apart from that
The company had taken a short term loan of Rs.500 lacs from Punjab and Sind Bank, which was due for repayment on May 14, 2009. Jindal Cotex requested the bank to roll over the loan, and it is now due on November 14, 2009.
Which suggest that its clearly a No No kind of IPO.