Pursuant to Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015, Olympic Cards has informed that the Company has repaid and closed its existing Bank loan facilities availed from M/s HDFC Bank. The outstanding bank loan amounting to Rs. 8.40 crores with HDFC Bank has been fully liquidated. The Company has in the process of obtaining ‘No Due Certificate’ from the bank and the process to release the charges on the assets is underway. The company has availed interest-free unsecured loans as shown below: 1. Mr. N. Mohamed Faizal, Managing Director Rs. 4.00 Crores 2. Mrs. S. Jarina, Non-Executive Director Rs. 4.40 Crores. The terms and conditions of the loans received from the Directors are in compliance with the provisions of the Companies Act, 2013 and the rules made thereunder. Since these transactions are with related parties, they have been reviewed and approved by the Audit Committee and Board of Directors.
The above information is a part of company’s filings submitted to BSE.
