Comments
Hindustan Motors on Thursday said it was in discussion with lenders for reduction of “recompense” amount related to its borrowings under the corporate debt restructuring scheme. In a note on the quarterly accounts, the company said: “During the year ended March 31, 2011, the company had made provision for recompense of interest amount of Rs 15 crore to lenders under the corporate debt restructuring scheme.
The company has not made provision for the balance amount of recompense, if any, pending finalisation of the same, pursuant to ongoing discussions with the lenders for reduction in the amount thereof”.Hind Motor extended its losses in the quarter to September 30. It reported a net loss of Rs 30.1 crore in July-September quarter against Rs 22.36 crore in the comparable quarter last year.
In the July-September period of 2011, Hind Motors made a profit of Rs 9.79 crore on sale of immovable properties. The company’s total equities and liabilities stand at Rs 319.52 crore against total assets worth the same amount including Rs 7.83 crore worth of cash and cash equivalent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.