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.
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“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.
