Aditya Birla Finance: Sebi Spanks Aditya Birla Finance For Real Estate Loans To Front Firm To Help Thapars

0
26

[ad_1]

From left to right: Ajay Srinivasan, CEO of Aditya Birla Financial Services; Gautam Tapar, founder of Avantha Group

Synopsis

In March 2016, a meeting between CG Power promoters and ABFL executives spurred a number of deals that have now caught Seby’s attention. Two plots of land, one in Nashik and the other in Kanjurmarg in Mumbai, were at the center of deals worth about Rs 400 crores to pay off old NBFC loans.

It was in the summer of 2016. Gautam Tapar felt the heat in different ways. His plans to divest Ballarpur Industries Limited (BILT) stake in Malaysian pulp and paper mill Sabah Forest Industries are crawling like a snail. The new March 31, 2016 deadline also slipped away and lenders were already getting nervous. A couple of overseas creditors have withdrawn limits totaling Rs 700 crores, driving Tapar into a corner. In these conditions

  • GIFT ARTICLE
  • FONT SIZE
  • TO RESCUE
  • PRINT
  • COMMENT

Sign in to read the full article

You received this Prime Story as a gift.

Already a member?

NEW IN ET PRIME

Comprehensive and detailed reports on 4000+ stocks updated daily

Subscribe now

NEW IN ET PRIME

Comprehensive and detailed reports on 4000+ stocks updated daily

Subscribe now

NEW IN ET PRIME

Comprehensive and detailed reports on 4000+ stocks updated daily

Subscribe now

Why ?

  • Exclusive articles, editorials and expert opinions from the Economic Times in 20+ sectors

  • Analysis of reserves. Market research. Industry trends on 4000+ promotions

  • Pure experience with
    Minimal advertising

  • Comment and participate with the ET Prime community

  • Exclusive invitations to Virtual events with industry leaders

  • Reliable team Journalists and analysts who can best filter signal from noise

[ad_2]

Source link