Brief: Vikas WSP updates on working capital facilities for export
21/06/2016 11:48
June 21 (Reuters) - Vikas WSP Ltd VWSP.BO : * Has been availing working capital facilities for export from punjab national bank, union bank of India and bank of India under consortium * Has filed a court case for US$ 40 million against the customer * Source text: [Vikas WSP Ltd has informed BSE that the Company has been availing Working Capital Facilities for Export from Punjab National Bank, Union Bank of India and Bank of India under consortium and a Working Capital aggregating to Rs. 177.44 Cr. is outstanding as on May 27, 2016 against these facilities. The Company had settled a legal suit in US court for USD 80 millions (INR 494 Crore) in the year 2014-15 but after paying USD 40 million, the customer has stopped paying the installment in July'15. Consequently due to non recovery of the said dues to the extent of USD 40 million approximately INR 268 Crores, the Company has not been able to make payment to banks on a timely basis. These bankers have declared the company's banking facility as non performing assets (NPA) mainly on account of non realization of export receipts and also served a notice to the Directors of the Company for declaring as "will full defaulter". However, the Company has started making payment of dues vide its letter dated June 20, 2016 at its own and the Company has filed a court case for USD 40 million against the customer.] * Further company coverage VWSP.BO ((Bengaluru Newsroom; +91 80 6749 1130))