Bharat Hotels and Spandana Sphoorty obtained the regulator's "observations" on October 12, latest update with Securities and Exchange Board of India (Sebi) showed.
JM Financial Products, a subsidiary of the company, has completed the first leg of acquisition of 24,35,286 equity shares of Spandana Sphoorty Financial.
Ahead of the deadline (June 06) for loan-restructuring as mandated by the Reserve Bank of India (RBI), promoters of microfinance companies (MFIs) and banks are yet to reach any conclusion over Personal Guarantee in corporate debt restructuring (CDR), reported CNBC TV18 quoting sources.
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