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Shapoorji Pallonji and Khurshed Daruvala, the promoters of Sterling and Wilson Solar Ltd (SWSL), have informed the company board that there could be a delay in the payment of ₹500 crore of inter-corporate loan by a few weeks.
The money was supposed to paid by June 30 but the promoters said that Covid-related lockdown has impacted their fund-raising plan. Earlier, the board of Sterling and Wilson Solar Ltd had given its nod to promoters for coming up with a revised schedule to repay an outstanding loan amount of ₹2,563 crore. This loan amount includes principal amount of ₹2,335 crore and interest of ₹228 crore, which the promoters owe to SWPL and its subsidiary, Sterling and Wilson International FZE. Since then the promoters have paid ₹1,500 crore to the company. This amount includes ₹500 crore paid on March 31.
The next tranche of payment is due on June 30. “As you are aware, Covid-19, which has been recognised as a global pandemic, has created a significant disruption to economic activity in India and globally. This has also created execution delays to our fund-raising plan that was envisaged in December 2019. In these extraordinary and unprecedented circumstances, while we continue to strive towards achieving the originally agreed upon milestone of June 2020, we apprehend that the next instalment of ₹500 crore envisaged to have been paid by June 30 might spill beyond by a few weeks,” the promoters said in a letter to the board.
“We reiterate our commitment to facilitate the complete payment within the outer deadline of September 30, underlining our intent to honour the commitment even during these difficult times,” the promoters added.
The promoters said while there is still a possibility of being able to fund ₹500 crore by June 30, in the event of a delay, they will request the board of directors for a meeting so that they could apprise the members about the specific actions that are underway at their end and to assure them about the means by which their commitments are proposed to be met.
On June 25, BSR & Co, the auditors for Sterling and Wilson Solar said the company has received queries from SEBI, Registrar of Companies, Mumbai (RoC) and certain shareholders regarding matters connected with delay in repayment of inter-corporate deposits by the promoters.
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