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| Exchange Received Time 01/10/2018 18:14:37 Exchange Disseminated Time 01/10/2018 18:14:41 Time Taken 00:00:04 | Ref. Secured Redeemable Non-convertible Debentures issued on Private Placement Basis aggregating to Rs.90 crores (Scrip ID: HLVL19DEC08 / Code No.945983 / ISIN Number - INE102A07013)
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 principal redemption amount of Rs. 2250 Lakhs which was due on 30th 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.6750 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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