172@29@17@248!~!172@29@0@53!~!|news|business|shapoorji-pallonji-group-fails-to-repay-dues-to-sterling-and-wilson-solar-5848091.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
you are here: HomeNewsBusiness
Last Updated : Sep 16, 2020 03:46 PM IST | Source: Moneycontrol.com

Shapoorji Pallonji Group fails to repay dues to Sterling and Wilson Solar

The board of SWPL on September 15 approved the promoters' request for a further extension of time up to September 30, 2021, to facilitate funding for the repayment of part of the June 2020 installment and September 2020 installment.

The Shapoorji Pallonji Group has failed to meet timely repayment of dues to the tune of over Rs 1,000 crore to group company Sterling and Wilson Private Limited (SWPL), the latter informed stock exchanges on September 16.

The SP Group has repaid Rs 103 crore out of the Rs 500 crore dues as the June 2020 installment. To secure the remaining Rs 397 crore, the promoters have created a security on certain immovable properties worth Rs 460 crore in favour of SWPL, by mortgaging the said properties, the release noted.

"The Promoters vide their letter dated September 15, 2020, have informed the Board that the balance amount of Rs 397 crore of June 2020 installment could not be paid due to the reasons as are explained to the Board from time to time," the release noted.

Close

"Further, with respect to the balance amount due on September 30, 2020, the Promoters informed the Board that, SPCPL and SWPL’s efforts for availing/ raising a fund-based facility (Proposed Facility) have been considerably affected due to certain reasons beyond their control, due to which, it is improbable for the Promoters to facilitate funding of September 2020 Installment," it added.

The company said the promoters have "offered a total security on various assets aggregating to approximately Rs 1,200 crore, which is slightly higher than the aggregate outstanding loans".

The board of SWPL on September 15 approved the promoters' request for a further extension of time up to September 30, 2021, to facilitate funding for the repayment of part of the June 2020 installment and September 2020 installment.

This comes after the Tata Sons last week reportedly moved the Supreme Court seeking to restrain the Shapoorji Pallonji Group firms from raising capital against the security of their shareholding in Tata Sons.
First Published on Sep 16, 2020 03:46 pm
Sections