Jagran Prakashan sheds 10% over non-payment of dues
Jagran Prakashan lost close to 10% at Rs 46 after it announced that a bank has taken into possession the assets of one of its associates over non-payment of overdue amount of Rs 8.05 crore.
By ET Bureau |
MUMBAI: Jagran Prakashan lost close to 10% at Rs 46 after it announced that a bank has taken into possession the assets of one of its associates over non-payment of overdue amount of Rs 8.05 crore. The stock has lost nearly 20% in the last one month.
In an announcement, the company said the lender bank, on Jan ary 14, took into possession the assets (charged in favour of the bank) of Jagran Prakashan (MPC) Pvt Ltd - publisher of Indore edition of Dainik Jagran - due to non-payment of the overdue amount out of term loan of Rs 8.05 crore.
"As disclosed in the Annual Report for the year 2007-08, Jagran Prakashan (MPC) Pvt Ltd has been incurring cash losses and our company and the other group of shareholders in this company are under litigation," added the announcement.
The announcement, however, added that the action of the bank "does not have any impact on the operations of the company and virtually no impact on the revenue of our company".
In an announcement, the company said the lender bank, on Jan ary 14, took into possession the assets (charged in favour of the bank) of Jagran Prakashan (MPC) Pvt Ltd - publisher of Indore edition of Dainik Jagran - due to non-payment of the overdue amount out of term loan of Rs 8.05 crore.
"As disclosed in the Annual Report for the year 2007-08, Jagran Prakashan (MPC) Pvt Ltd has been incurring cash losses and our company and the other group of shareholders in this company are under litigation," added the announcement.
The announcement, however, added that the action of the bank "does not have any impact on the operations of the company and virtually no impact on the revenue of our company".
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
