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This is an archive article published on February 29, 2000

SFL to pay 30 pc

FEBRUARY 28: When his reaction was sought to rating agency Crisil downgrading SFL's fixed deposit programme and non-convertible debentures...

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FEBRUARY 28: When his reaction was sought to rating agency Crisil downgrading SFL8217;s fixed deposit programme and non-convertible debentures, Raman said this was the case with all the financial institutions in the country.

He agreed that the advent of more Financial institutionsin the sector had affected the spread of all NBFCs, including SFL.

8216;The depositors have good faith in us. The surplusdeposit with SFL forcing us to stop accepting despoits from public since Jan 1, 1999, is a proof of public faith in the company8217;, he said.

Asked when SFL would resume accepting deposits frompublic, he said the company8217;s board would meet in April to discuss the issue. 8216;If required, we may start accepting deposits8217;, he said.

Crisil had recently downgraded SFL8217;s FD programme fromFAAA TO FAA, and Rs. one billion non-convertible debentures scheme from AA to AA.

 

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