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Exchange Received Time  20/09/2018 09:39:33 Exchange Disseminated Time 20/09/2018 09:39:42 Time Taken 00:00:09 | The Company had issued Secured Redeemable Non-convertible Debentures on Private Placement Basis aggregating to Rs.90 crores to LIC of India in December, 2008. We wish to inform you that the Company has defaulted in payment of quarterly interest of Rs. 212.67 Lakhs which was due on 19th September, 2018. We further wish to inform you that total interest outstanding as on date is Rs.1380.31 lakhs and principal redemption amount outstanding as on date is Rs.4500 lakhs. The Company's operating cash flows are not sufficient to service its term loans and NCDs and the funds of the Company are escrowed with its lenders and the inflows and outflows are also monitored by the lenders. The Company is evaluating various options for a viable restructuring, including sale / monetization of non-core assets, sale of hotels, equity infusion and debt refinancing by investors, etc. |
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