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The applications for insolvency against Right Tower, Resurgent Infratel and Confident Solar came up for hearing on Monday and were admitted by National Company Law Tribunal as legitimate cases. The cases will be heard on October 24, when these companies and Srei Infrastructure<\/a> Finance will need to present a resolution plan. A person close to the developments said an insolvency application had also been filed for the fourth company, Optimum Infratel, but ET could not independently verify this.
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The Srei group was represented by local boutique law firm MKB & Associates<\/a>, as per a listing on the website of the tribunal. The law firm did not comment. The Srei group did not respond to ET’s queries till press time Tuesday.
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\nListed Srei Infra held 11% of Viom directly while the remaining 7% was held through the four entities. These four have an outstanding debt higher than Rs 500 crore with accumulated interest.
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\nOf the four, three are investee companies of Srei Alternative Investment Managers, a 100% arm of Srei Infra. The fourth, Confident Solar, is an indirect arm of Opulent Venture Capital Trust, also formed by the group. The three companies are 97.99%-owned by Prithvi Infrastructure Fund and 1.99% by Infra Construction Fund to which Srei Infrastructure is also a contributor. Other shareholders of the funds aren’t known. The companies were created with an equity capital of Rs 1lakh from the funds.
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\nIn August, ET reported that these four companies were left with a loss of Rs 440 crore at the end of the financial year that ended in March 2016. The companies had no other assets or cash flow to service loans.
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\nTherefore, after sale of Viom shares, they cannot repay the outstanding debt. The companies borrowed money from Srei Infra, which upped the loan amount each year so companies could pay interest on the loans. Over five years, four companies paid Rs 570 crore as interest on the original loans of Rs 1,005 crore. In an earlier email to ET, Srei Infra acknowledged receiving interest during these years.
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In October 2015, Tata group<\/a> and Srei, with a clutch of private equity investors, sold a 51% stake in Viom to ATC for Rs 7,639 crore. Srei exited entirely for Rs 2,931 crore, also giving up management control, while Tatas and some financial investors partially monetised stake. \n<\/body>","next_sibling":[{"msid":61031046,"title":"Xiaomi Mi Mix 2 review: An intrepid re-mix","entity_type":"ARTICLE","link":"\/news\/xiaomi-mi-mix-2-review-an-intrepid-re-mix\/61031046","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":61031149,"entity_type":"ARTICLE","title":"Srei Infrastructure files bankruptcy pleas against companies that held Viom shares","synopsis":"The Srei group was represented by local boutique law firm MKB & Associates, as per a listing on the website of the tribunal. The law firm did not comment.","titleseo":"telecomnews\/srei-infrastructure-files-bankruptcy-pleas-against-companies-that-held-viom-shares","status":"ACTIVE","authors":[{"author_name":"Deepali Gupta","author_link":"\/author\/479219003\/deepali-gupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479219003.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":false,"msid":479219003,"author_name":"Deepali Gupta","author_seo_name":"deepali-gupta","designation":"Journalist","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-10-11 09:02:10","lastupd":"2017-10-11 09:04:29","breadcrumbTags":["Viom Networks","SREI Infrastructure","MKB & Associates","Industry","Bankruptcy","Tata Group"],"secinfo":{"seolocation":"telecomnews\/srei-infrastructure-files-bankruptcy-pleas-against-companies-that-held-viom-shares"}}" data-authors="[" deepali gupta"]" data-category-name="" data-category_id="" data-date="2017-10-11" data-index="article_1">
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Srei基础设施文件对公司破产请求举行Viom股票
组的王宫”计划由当地精品店律师事务所MKB & Associates按照法庭的网站清单。律师事务所没有置评。
孟买:提起了非银行金融服务公司王宫”计划破产请愿反对三四个公司和销售Viom网络代表它的股票。
申请破产对塔,复苏的鼓吹和自信太阳能了听证会周一和被国家公司法法庭承认合法的情况下。案件将于10月24日,当这些公司Srei基础设施财务需要提出一项决议计划。知情人士说发展也曾提出破产申请第四公司最佳鼓吹,但等无法独立核实。
组的王宫”计划由当地律师事务所精品MKB & Associates,如清单在网站上每一个法庭。律师事务所没有置评。集团没有回应的王宫”计划等的查询到周二的新闻时间。
下文列出王宫”计划持有11%的Viom直接而剩余的7%是通过四个实体。这四个有一个未偿债务累积的利息高于500卢比。
四个,三个另类投资经理、投资企业的王宫”计划下文的王宫”计划100%。第四,自信的太阳能,是一个间接的华丽的风险资本信托,由集团。“普里特维”系统的三家公司97.99%的股权由基础设施基金,1.99%由下文的基础设施建设资金,王宫”计划也是一个因素。其他股东的资金还不清楚。创建公司的股本Rs 1多数的基金。
8月,等报道,这四个公司剩下的损失440卢比的2016年3月结束的财政年度。公司没有其他资产或现金流服务的贷款。
因此,售后Viom股票,他们不能偿还未偿还债务。下文公司借来的钱从王宫”计划,加大了贷款金额每年公司可以支付贷款利息。五年来,四家公司支付570卢比的原始贷款利息1005卢比。下文在早前的邮件等,王宫”计划承认这些年收到利息。
2015年10月,塔塔集团、和王宫”计划与一系列私人股本投资者,Viom 51%的股份卖给了ATC 7639卢比。为2931卢比Srei完全退出,也放弃管理控制,而再见和一些金融投资者部分股权货币化。
申请破产对塔,复苏的鼓吹和自信太阳能了听证会周一和被国家公司法法庭承认合法的情况下。案件将于10月24日,当这些公司Srei基础设施财务需要提出一项决议计划。知情人士说发展也曾提出破产申请第四公司最佳鼓吹,但等无法独立核实。
组的王宫”计划由当地律师事务所精品MKB & Associates,如清单在网站上每一个法庭。律师事务所没有置评。集团没有回应的王宫”计划等的查询到周二的新闻时间。
下文列出王宫”计划持有11%的Viom直接而剩余的7%是通过四个实体。这四个有一个未偿债务累积的利息高于500卢比。
四个,三个另类投资经理、投资企业的王宫”计划下文的王宫”计划100%。第四,自信的太阳能,是一个间接的华丽的风险资本信托,由集团。“普里特维”系统的三家公司97.99%的股权由基础设施基金,1.99%由下文的基础设施建设资金,王宫”计划也是一个因素。其他股东的资金还不清楚。创建公司的股本Rs 1多数的基金。
8月,等报道,这四个公司剩下的损失440卢比的2016年3月结束的财政年度。公司没有其他资产或现金流服务的贷款。
因此,售后Viom股票,他们不能偿还未偿还债务。下文公司借来的钱从王宫”计划,加大了贷款金额每年公司可以支付贷款利息。五年来,四家公司支付570卢比的原始贷款利息1005卢比。下文在早前的邮件等,王宫”计划承认这些年收到利息。
2015年10月,塔塔集团、和王宫”计划与一系列私人股本投资者,Viom 51%的股份卖给了ATC 7639卢比。为2931卢比Srei完全退出,也放弃管理控制,而再见和一些金融投资者部分股权货币化。
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