Stewarts & Lloyds of India has received two notices under ‘Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ from Company's Bankers i.e. State Bank of India and Bank of Baroda dated April 22, 2014 and April 28, 2014 respectively, wherein they have advised to discharge their full liabilities within 60 days from the date of their said notice, failing which they will exercise all or any of the rights detailed under sub section (4) of Section 13 and under other applicable provisions of the said Act. However, management of the company is in the process of taking appropriate action against the said notices.
Stewarts & Lloyds of India reported net loss of Rs 36.72 crore for Q4FY14 as compared to net profit of Rs 3.49 crore in Q4FY13. Total income from operation of the company has decreased by 8.66% at Rs 6.11 crore for quarter under review as compared to Rs 6.69 crore for the quarter ended March 31, 2013.
