Companies

SEBI, ROC write to Sterling and Wilson Solar on delay in repayment of inter-corporate deposits by promoters

Our Bureau Mumbai | Updated on June 24, 2020 Published on June 24, 2020

SEBI, Registrar of Companies, Mumbai (ROC) and some shareholders have written to Sterling and Wilson Solar regarding the delay in repayment of inter-corporate deposits by the promoters Shapoorji Pallonji and Khurshed Daruvala.

Sterling and Wilson Solar auditors BSR & Co flagged this issue in a note in the company’s quarterly and full year results.

“The Group has submitted its replies and represented to us that, based on independent legal opinions obtained by it, it is of the view that there is no non-compliance with any laws and regulations by the Group in respect of this matter. We are unable to evaluate the impact of adjustments, if any, that may arise from this matter, on the consolidated annual financial results of the Group,” BSR said in the auditor’s note.

Promoters of Sterling and Wilson Solar had sought extension in repayment period of outstanding inter-corporate deposits of ₹2,341.5 crore (including interest of ₹249.3 crore) as on 30 September 2019. Subsequently, the promoters have repaid ₹1,512.2 crore from August 2019 to 31 March 2020. The inter-corporate deposits and interest outstanding aggregated to ₹1,216.6 crore at the end of FY20.

Also, the Sterling and Wilson Solar Board has approved the constitution of the Risk Management Committee, pursuant to SEBI Listing regulations.

Published on June 24, 2020
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