Agarwal in Calcutta on Wednesday. A Telegraph picture

Calcutta, Aug. 22: Haryana-based Vikas WSP Ltd will resume trading on the bourses on Monday as the Bombay Stock Exchange (BSE) has revoked the suspension imposed on the export house in 2000.

The BSE suspended trading in shares of Vikas WSP, which is also listed on the Delhi, Ahmedabad and Cochin stock exchanges, following allegations of an overstatement of financials.

“Three companies globally make power, adhesives and other derivatives from guar. These are our company, the US-based Rhodia Inc, which has a joint venture called Hindustan Gums with the Birla group here, and Hercules Inc,” said B.D. Agarwal, managing director of Vikas WSP.

“In 2000, we came out with a plan to set up a 12,600tpa plant in Baroda to make hydroxypropyl and carboxymethyl guar derivatives that are commonly used for fracturing spent wells to extract residual oil and gas,” he added.

“In our submission to the stock exchanges, we reported the company’s turnover at Rs 232.66 crore for 1999-2000. But a leading publication reported that the company’s turnover was Rs 71 crore only,” he said. This was followed by investigations into the financials and other operational aspects of the company.

The company now plans to set up the Baroda plant and another one in Bikaner. “The projected investment in Baroda plant has gone up to Rs 375 crore from Rs 300 crore when it was initially planned. The Bikaner plant, which will entail an investment of Rs 200 crore, will make organic guar gum, organic psyllium powder, pre-gelatinised wheat flour and other organic foods.

In 2006-07, the company reported a turnover of Rs 250 crore and a net profit of Rs 42 crore. “In the first quarter of the current financial year, we clocked a turnover of Rs 55 crore. We hope to reach Rs 350 crore by the end of March next year,” Agarwal said.