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Rajshree Sugars
BSE: 500354NSE: RAJSREESUGISIN: INE562B01019

22nd-May-2019 16:14Source: BSE

Rajshree Sugars and Chemicals - Disclosure Of Material Information Under Regulation 30 Read With Schedule III Of SEBI (LODR) Regulations, 2015

In continuation of our letter dated 9th July 2018, we submit below the further updates on the above:
The Tamil Nadu Government has officially declared failure/deficit of the north east monsoon for the year 2016 and 2018, and many districts of Tamil Nadu as drought affected. The Company''s command areas have been severely affected by drought conditions. Owing to the continuous drought, falling capacity utilization and mismatch between sugar realization and cane price, the company has become a Non-Performing Asset (NPA) in the month of June 2018.
The company is currently in the process of discussion with Asset Reconstruction Companies (ARC) for a possible debt resolution by way of assignment of debt.
The company has on 10th May 2019 received notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 dated 8th May 2019 from ICICI bank Ltd., calling upon the Company to pay Rs.67.43 Crores (entire outstanding as on 31.3.2019). The company is in discussion with the ICICI Bank for a possible debt resolution.

Kindly take the same on your records.

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