INSUBCONTINENT EXCLUSIVE:
Mumbai: The promoters of Sterling and Wilson Solar (SWSL), Shapoorji Pallonji Group and Khurshed Yazdi Daruvala, failed to honour their
2,341 crore citing unforeseen reasons including a liquidity crisis at the group level.
Lawyers, Activists Slam ManagementThe company had
borrowings of Rs 2,259 crore at the end of September
Nasikwala, founder partner, Nasikwala Law Office.
Shriram Subramanian, managing director, InGovern Research Services, said Sebi had taken
stern action against several companies in the past for not fulfilling the objective or purpose of the IPO prospectus
management said in a conference call with investors on Friday that it was working on a revised payment schedule, but without specifying a
other commitments of the promoters over the repayment of loans from the IPO proceeds.
Sanjay Chawla, chief investment officer at Baroda
Mutual Fund, told the management that the fund house was extremely disappointed that the promise made at the time of IPO was not kept and
that it was not kept informed about the delay in repayment
Abhinav Bhandari, fund manager at Nippon AMC, said the way the revised debt repayment schedule was handed was disappointing for the minority
shareholder.
Shiladitya Dasgupta, fund manager at ICICI Prudential Life Insurance, said the management in its meeting with the insurer had
indicated that repayment of the money through the IPO proceeds would be the topmost priority and that nowhere had the company highlighted
So, it does not require debt for operational purposes
extended loans and advances to the group company
In April 2017, Sterling and Wilson demerged its solar EPC division along with assets and liabilities into SWSL.
