PC Jeweler Share Price: Four banks sent notice to PC Jeweller, shares closed on the lower circuit, understand the whole matter
PC JEWELLER had informed in October last year that it defaulted on loan facilities of Rs 3466.28 crore from banks and financial institutions in the second quarter July-September 2022, ie the company could not repay this outstanding loan. The company gave this information in the exchange filing.
PC Jeweler Share Price: PC Jeweler, a leading company in the jewelry sector, has received loan repayment notices from four banks. PC Jeweler has received the loan from a consortium of IDBI Bank, Indian Bank, Bank of India, and Karur Vysya Bank. Now, these banks are sending notices to return it. Apart from this, PC Jeweler is already fighting a legal battle with consortium lender SBI. Its effect was also seen on the shares and it closed at the lower circuit of Rs.39.15.
Next hearing in a legal battle with SBI on February 28
PC Jeweler has informed in the exchange filing that its legal battle with the lead bank SBI is going on and the Debt Recovery Appellate Tribunal (DRAT) will hear it today on February 7, 2023. The next hearing of this matter will be on 28 February 2023. According to PC Jeweller, apart from this, four other banks of the consortium, IDBI Bank, Indian Bank, Bank of India, and Karur Vysya Bank have also issued loan recall notices. The company has also informed us that all its showrooms except Preet Vihar, Pitampura, and Kingsway Camp are open. All three showrooms which are closed are in Delhi.
Last year the company became a defaulter
PC Jeweler had informed in October last year that it defaulted on loan facilities of Rs 3466.28 crore from banks and financial institutions in the second quarter July-September 2022, ie the company could not repay this outstanding loan. The company gave this information in the exchange filing. According to the company’s second-quarter July-September 2022 annual report, these loans were given to the company by SBI, PNB, Union Bank of India, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank.
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