Sterling and Wilson Solar Limited Board clears promoters’ revised repayment schedule for loan of ₹2\,563 crore

Companies

Sterling and Wilson Solar Limited Board clears promoters’ revised repayment schedule for loan of ₹2,563 crore

Our Bureau Mumbai | Updated on June 26, 2020 Published on June 26, 2020

The Board of Sterling and Wilson Solar Limited (SWSL) has given its nod to a revised schedule for promoters Shapoorji Pallonji and Khurshed Daruvala to repay an outstanding loan amount of ₹2,563 crore.

This was disclosed in a filing to the exchanges. This loan amount includes the principal amount of ₹2,335 crore and interest of ₹228 crore, which the promoters owe to subsidiary Sterling and Wilson Private Limited (SWPL) and its subsidiary, Sterling and Wilson International FZE.

Earlier, the promoters had sought a similar revised schedule, after which they have paid ₹1,500 crore as on date.

This amount includes ₹500 crore paid on March 31, 2020 despite the country entering into a complete economic and social lockdown due to the spread of COVID-19, the promoters said. “As you are aware, Covid-19, which has been recognized as a global pandemic, has created a significant disruption to economic activity in India and globally. This has also created execution delays to our fund raising plan that was envisaged in December 2019. In these extraordinary and unprecedented circumstances, while we continue to strive towards achieving the originally agreed upon milestone of June 2020, we apprehend that the next instalment of ₹500 Cr envisaged to have been paid by June 30, 2020 might spill beyond by a few weeks. We reiterate our commitment to facilitate the complete payment within the outer deadline of September 30, 2020, underlining our intent to honour the commitment even during these difficult times,” the promoters said.

“While there is still a possibility of being able to fund ₹500 crore by June 30, 2020, in the event of a delay we will request the Board of Directors for a meeting so that we could apprise the members about the specific actions that are underway at our end and to assure them about the means by which our commitments are proposed to be met,” the promoters added.

On June 25, BSR & Co, the auditors for Sterling and Wilson Solar, said that the company has received queries from SEBI, the Registrar of Companies, Mumbai (ROC) and certain shareholders regarding matters connected with delays in repayment of inter-corporate deposits by the promoters.

Published on June 26, 2020

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