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PC Jeweller receives loan recall notices from four banks

PC Jeweller also informed the stock exchanges that legal proceedings with the SBI is underway, and the DRAT has fixed February 28 as the next date of hearing.

February 07, 2023 / 05:39 PM IST
(Representative image: Reuters)

(Representative image: Reuters)

 
 
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PC Jeweller on February 7 said it has received loan recall notices from four lenders - IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank.

The Delhi-based jeweller, in a regulatory filing, noted that its legal proceedings with the State Bank of India (SBI), being held before the Debts Recovery Appellate Tribunal (DRAT), is underway. The next hearing will be held on February 28, it said.

"We also submit that the four other banks of the Consortium, namely IDBI Bank, Indian Bank, Bank of India as well as Karur Vysya Bank have also issued their loan recall notices to the company," the exchange filing added.

PC Jeweller further said that  all of its showrooms, "except three, namely, Preet Vihar, Pitampura and Kingsway Camp", are operational. The three showrooms that are currently not operating are located in Delhi.

While announcing its second quarter results in September, PC Jeweller had informed the stock exchanges that it had defaulted on Rs 3,466.28-crore loan facilities from banks and financial institutions.

According to the company's last annual report, its lenders included both public and private banks, such as the SBI, Axis Bank, Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Induslnd Bank.

PC Jeweller's net profit during the second quarter stood at Rs 85.92 crore, as against a net loss of Rs 78.89 crore in the year-ago period. The results for the December 2022 quarter are yet to be declared.

The company, while sharing a business update for Q3 FY23 last month, said its domestic business turnover has increased to Rs 829.10 crore from Rs 600.18 crore in the year-ago period.

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