Corporate Secretary resigns from Srei Infrastructure Finance

Kolkata-based non-bank financier Srei Infrastructure Finance said Saturday its corporate secretary had resigned and will be replaced at the end of the working day on March 20.

“…we would like to inform you that Sandeep Kumar Lakhotia, the Company’s Company Secretary, has resigned from his position as Company Secretary and Compliance Officer of the Company…We thank him for his contributions to the Company during his tenure and wish him every success in his.” future endeavors,” Srei said in a regulatory filing.

The company, the statement said, will appoint a new Company Secretary and Compliance Officer shortly and will update exchanges in due course. Meanwhile, Ekta Agarwal, the company’s deputy corporate secretary, is set to be in charge of the compliance function, she added.

mint reported on March 17 that the group’s lenders hired accounting firm KPMG to conduct a forensic audit of Srei Equipment Finance and Srei Infrastructure Finance. Srei Group promoters have proposed a debt restructuring, and lenders tend to insist on a forensic review before approving debt restructurings that do not involve a change in management.

While Srei Infrastructure Finance owes Srei Equipment Finance owes 11,117.71 crore to banks 16,912.21 crore according to data from Care Ratings, which recently downgraded both Srei firms to default.

A segment of lenders has also opposed Srei’s move to consolidate the Group’s lending business into Srei Equipment Finance effective October 1, 2019. They claim that this was done without the consent of all lenders that are part of the consortium.

Then, last December, Srei was granted a January 1 to June 30 moratorium on repayments by the Kolkata bank of the National Company Law Tribunal (NCLT). Under this agreement, the company proposed to make repayments to different categories of noteholders over different time periods. The order was appealed to the National Company Law Appellate Tribunal (NCLAT) by bondholders and rating agencies.

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