IMEC Services’ material subsidiary -- RSAL Steel has been declared as a wilful defaulter by State Bank of lndia (SBI). Further, the company being the corporate guarantor of RSPL has also been declared as a wilful defaulter by SBI. The company and RSPL are in consultation with their legal counsels, to challenge the decision by taking appropriate legal action that may be required in this regard.
A wilful defaulter is an entity or a person that has not paid the loan back despite the ability to repay it.
IMEC Services (Formerly known as Ruchi Strips and Alloys) main business activity is management and consultancy services inter alia - information technology, engineering and technical.
