Reliance Home Finance Limited (RHFL) said on Saturday that it had asked Punjab & Sindh Bank Ltd. Had defaulted on loans of more than 40 crores, even the company has enough cash and cash equivalent which it cannot use due to the court order.
The subsidiary of Anil Ambani-controlled Reliance Capital defaulted on the loan on February 15, 2021 and the current amount of default is ₹ 40 lakh with ₹ 40 lakh.
RHFL said in a regulatory filing that the company’s total liability is secured 200 crores on secured loans of 9.25% per annum from Punjab and Sindh Bank.
The company has cash of more than ₹ 1,500 crore.
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