ગુજરાતી
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Gandhinagar, 2 December 2020
Shares of Reliance Capital fell 3% after HDFC and Axis Bank defaulted on interest payments on their loans.
Reliance Capital, led by Gujarati man Anil Ambani, has defaulted interest payments on loans worth Rs 624 crore taken from Housing Development Finance Corporation (HDFC) and Axis Bank, the company informed the stock exchange on November 27, 2020. Anil Ambani’s Gujarat project has had a big impact.
On 1 October, the company paid Rs 77.7777 crore to HDFC and Rs 71.7171 crore to Axis. Reliance Capital took 10.6% -13% loan from HDFC for 7 years from six months to seven years.
The Anil Ambani group took over the Santa Cruz office of the bank following which YES Bank failed to pay Rs 2,892 crore. The office is spread over an area of 21,432 square meters. Yes Bank has also taken possession of two flats in South Mumbai which were not reimbursed by Reliance Infrastructure.
Another company of debt-ridden Reliance Anil Ambani has declared bankruptcy. It was learned that Reliance Capital had not repaid the loan taken from HDFC and Axis Bank. The company claimed that apart from the High Courts of Mumbai and Delhi, we could not repay the loan installments as the Debt Recovery Tribunal prohibited the sale of our property.
Reliance Capital defaulted on HDFC-Axis Bank loans. The company reported the matter to the stock exchange on Monday. As of October 31 this year, Reliance Capital owes Rs 4.77 crore to HDFC and Rs 71 crore to Axis Bank. However, Reliance Capital also claimed that the principal amount was paid.
The company spokesperson claimed that we cannot pay the installment of interest as the Debt Recovery Tribunal, apart from the High Courts of Mumbai and Delhi, had stayed the sale of our property.
