Proxy advisory firm asks banks to take over SKumars

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.