Srei bondholders appeal NCLT moratorium order
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Srei group’s bondholders have moved the National Company Law Appellate Tribunal (NCLAT) challenging an order by the Kolkata bench of the National Company Law Tribunal (NCLT) allowing Srei to skip repayments between 1 January and 30 June. Debenture trustees Axis Trustee Services Ltd and Catalyst Trusteeship Ltd which represent bondholders have jointly moved the tribunal against the NCLT order, which has impacted retail and institutional investors alike.
Retail investors were particularly hit by the halt to repayments, which the company said was meant to deal with the asset liability mismatches that occurred as a consequence of the covid-19 pandemic. So far, the Kolkata-based non-bank financier missed repayments on eight instances between 11 January and 15 February, showed data. The appeal will be heard on 3 March, according to information available on the NCLAT website.
Srei Infrastructure Finance Ltd on Sunday said it has posted a consolidated net loss of Rs 3,810 crore during the third quarter of the current fiscal on account of higher and accelerated provisioning as a prudent measure.
Srei reports whopping loss of Rs 3,810 cr in Q3
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Last Updated: Feb 14, 2021, 05:10 PM IST
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Synopsis
The Kolkata-based company claimed that the Covid-19 pandemic had impacted its recovery, leading to an asset- liability mismatch.
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KOLKATA:
Srei Infrastructure Finance Ltd on Sunday said it has posted a consolidated net loss of Rs 3,810 crore during the third quarter of the current fiscal on account of higher and accelerated provisioning as a prudent measure.
The company had reported a net profit of Rs 60 crore in the year-ago period.
Its revenue from operations for the October-December period of the current fiscal stood at Rs 490 crore as against Rs 1,450 crore in the corresponding quarter last year.