Olympic Cards has informed that Company Olympic Cards has repaid and closed its existing Bank loan facilities availed from 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 follows: 1. N. Mohamed Faizal, Managing Director - Rs.4.00 Crores, 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 the Board of Directors of their respective meetings ensuring they are at arm’s length and in the ordinary course of business.
The above information is a part of company’s filings submitted to BSE.
