Proxy advisory firm asks banks to take over SKumars

Lenders can either appoint a management that can pull the company out of its morass, sell it or move for its winding up, it said.

With Rs 4,500 crore of bank loans at stake, proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked banks and institutions to take control of S Kumars Nationwide which is tottering in losses and defaults.

Lenders can either appoint a management that can pull the company out of its morass, sell it or move for its winding up, it said.

“It’s an option than to writing-off loans and then waiting passively for the government to inject more capital.” In an unprecedented move, a group of shareholders holding 21 per cent of S Kumars Nationwide has called for an extra-ordinary general meeting (EGM) on April 27.

Once an MP, rape-convict Prajwal Revanna is now a clerk at prison library

Cities7 hr ago

Former JD(S) MP Prajwal Revanna, grandson of former PM H D Deve Gowda, has been assigned clerical duties at Parappana Agrahara Central Prison after receiving a life sentence for rape. He earns Rs 520 per day and faces multiple charges stemming from four cases, with evidence including videos of the assaults recorded on his phone. He was found guilty in one case and still faces trial in the others.

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