Pokarna arm exits CDR mechanism

Rajalakshmi S | | Updated on: Nov 01, 2016

Pokarna Ltd has announced that its 100 per cent subsidiary, Pokarna Engineered Stone Ltd (PESL), has exited the Corporate Debt Restructuring (CDR) mechanism.

Pokarna is one of the largest exporters of finished granite and engineered stone in India with exports to more than 50 countries covering granite and quartz.

The exit from CDR mechanism will not only enable PESL greater operational and financial flexibility but will also support the company's future growth plans.

PESL had resorted to CDR mechanism in March 2012, given tough business phase and adverse business scenario. On the back of its continued strong operating and financial performance, the company had opted for voluntarily exit from the CDR mechanism.

Gautam Chand Jain, Chairman, Pokarna Ltd, said “The exit is a significant step for PESL reflecting the company’s ability in turning around its business operations in such a short time. The exit will enable greater operational and financial flexibility for the company and help us accelerate our growth. We are thankful to all our lenders who have stood by the company and supported us during the tough times.”

PESL had received the letter dated October 28, 2016, from the Corporate Debt Restructuring Cell confirming the approval of the exit of PESL from the CDR mechanism. The exit was discussed and approved in the CDR Empowered Group meeting held on July 27, August 29 and September 27, 2016 and minutes of the same were confirmed on October 26, 2016.

Published on January 15, 2018

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