Company secretary resigns from Srei Infrastructure Finance
- A section of lenders has also opposed Srei’s move to consolidate the group’s lending business into Srei Equipment Finance, effective 1 October 2019
Kolkata-based non-bank financier Srei Infrastructure Finance on Saturday said that its company secretary has resigned and will be relieved on the close of working hours of 20 March.
“…we wish to inform you that Sandeep Kumar Lakhotia, company secretary of the company has resigned from the position of company secretary and compliance officer of the company...We thank him for his contributions to the company during his tenure and wish him success in his future endeavours," Srei said in a regulatory filing.
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The company, the statement said, shall shortly appoint new company secretary and compliance officer and inform the stock exchanges in due course. In the interim, Ekta Agarwal, deputy company secretary of the company shall be in charge of the compliance function, it added.
Mint reported on 17 March that lenders to the group have appointed audit firm KPMG to conduct a forensic audit of Srei Equipment Finance and Srei Infrastructure Finance. Srei group’s promoters have proposed a debt restructuring, and lenders tend to insist on a forensic audit before approving debt recasts that are not accompanied by a change in management.
While Srei Infrastructure Finance owes ₹11,117.71 crore to banks, Srei Equipment Finance owes ₹16,912.21 crore, according to data from Care Ratings, which recently downgraded both Srei firms to default.
A section of lenders has also opposed Srei’s move to consolidate the group’s lending business into Srei Equipment Finance, effective 1 October 2019. They claim it was done without the consent of all lenders who are part of the consortium.
Then, last December, Srei was granted a repayment moratorium by the Kolkata bench of the National Company Law Tribunal (NCLT) from 1 January to 30 June. Under this scheme of arrangement, the company proposed to make repayments to various categories of debenture holders over various periods. The order has been challenged by bondholders and credit rating agencies in the National Company Law Appellate Tribunal (NCLAT).
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