sebi:WTM/PS/111/CFD/DEC/2015
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Facts / Headnote
Interim order dated June 04, 2013 confirmed; directions to remain in force till further directions
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Bombay Rayon Fashions Limited
- Directors of Bombay Rayon Fashions Limited
- Promoters / promoter group of Bombay Rayon Fashions Limited
Holding
The interim directions issued vide the interim order dated June 04, 2013 against Bombay Rayon Fashions Limited are confirmed and shall remain in force till further directions. It is clarified that the said direction shall not affect the rights of the lenders in any manner.
Full text
Page 2 of 10 2. Bombay Rayon Fashions Limited (hereinafter referred to as ‘the Company’) is one such company against whom the interim order was passed. The equity shares of the Company are listed on the Bombay Stock Exchange Limited (hereinafter referred to as ‘BSE’) and the National Stock Exchange (hereinafter referred to as ‘NSE’).
Page 3 of 10 d. In the joint lenders meeting held on December 23, 2013, the lenders had mandated the monitoring institution i.e. State Bank of India to appeal to SEBI for relaxation and to ensure pledge for successful implementation of CDR. The same will give greater control to the lenders and ensure financial discipline. e. It was said that the enforcement of security conditions proposed in the CDR package is critical for the successful implementation of the package and for the turnaround of the Company.
Page 4 of 10 achieving MPS. The process of achieving MPS is expected to take some more time as the Company has to wait for appropriate time to approach the investors. c. The Company is in discussion with the lenders for a proposal of conversion of a part of debt into equity. A proposal in this regard has been put for discussion before the Monitoring Committee on August 21, 2014, the same has to be taken up by the meeting of lenders and approved. d. The proposal of conversion of Working Capital Term Loan and Funded Interest Term Loan to equity was not part of the approved restructuring scheme, the said facilities have defined repayment schedule with 2 years of moratorium and 8 years of repayment. The Company vide the said letter had also sought guidance regarding the date to be
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Source: SecMarx — sebi:WTM/PS/111/CFD/DEC/2015. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.