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HSBC issues notice to IL&FS arm seeking its dues
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SME Times News Bureau | 27 Jun, 2019
In a fresh hit for the lending major IL&FS, Hongkong and Shanghai
Banking Corporation (HSBC) has issued a notice to the former's arm ITNL
Offshore Private Ltd asking it to pay 1 billion Chinese Yuan ($145
million).
A trust deed was signed by ITNL Offshore, IL&FS
Transportation (ITNL) as the guarantor and HSBC as a security trustee in
January 2018.
In a regulatory filing, IL&FS Transportation
said: "HSBC has issued notice dated June 19, 2019 to the issuer (ITNL
Offshore) with a copy to the company (ITNL) that the RMB 1,000,000,000
7.50 per cent Guaranteed Notes due 2021 have become due and payable at
their principal amount together with accrued interest to the date of
payment.
Implying its inability of paying back the amount, ITNL
said that HSBC may act against the the company and ITNL Offshore as per
the clauses in the trust deed.
"As per the the notice and
conditions stipulated in the trust deed, HSBC may, at its discretion and
without further notice, institute such proceeding against the issuer
and/the company (as the guarantor) to enforce the terms of the trust
deed and,or notes and/or security documents thereto (as the case may
be)," it said.
The liquidity crisis in Infrastructure Leasing
& Financial Services Limited (IL&FS) and its group companies
including ITNL came to light when IL&FS first defaulted on a
commercial paper in September last year, which have raised questions on
the actual liquidity status of the country's NBFC sector.
Following
the incident, the group and its erstwhile management has been under the
scanner of investigative agencies and an interim IL&FS board has
been installed headed by Uday Kotak and the matter is in the National
Company Law Appellate Tribunal.
More and more rot has been
unearthed as audit firms and credit rating agencies too have been found
veiling the crisis in the lending major.
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