Following the Securities and Exchange Board of India (SEBI) November 2019 directives, at least 49 listed companies disclosed loan defaults to stock exchanges on Tuesday. The companies include insolvency-hit []—Reliance Communication Ltd. (RCom), Jaypee Infratech Ltd., Religare Enterprises Ltd., Hindustan Construction Company Ltd. and Suzlon Energy Ltd among others. According to the disclosures data filed with Bombay Stock Exchange, compiled by Bloomberg Quint, these firms had defaulted on outstanding debt worth Rs 69,140 crore as of December 31, 2019 against a total indebtedness of Rs 3.66 lakh crore.
Anil Ambani’s RCom topped the list of defaulters, which reported an outstanding default of Rs 28,825 crore against total indebtedness of Rs 32,575 crore. Currently, RCom is undergoing corporate insolvency resolution process under the supervision of National Company Law Tribunal, Mumbai. Anil Ambani’s another firm’s– Reliance Naval & Engineering Ltd — default amount was Rs 9,492 crore against the total debt of Rs 9,534 crore. That is, the firm has defaulted 99.5% of its total debt.
The defaults include non-repayment of debt obligations, including those of non-convertible debentures (NCDs), dues related to fund-based working capital and non-fund based working capital among others.
— source newsclick.in | 08 Jan 2020