Subhiksha winding-up hearings adjourned to Wednesday

April 13th, 2009 - 8:19 pm ICT by IANS  

Chennai, April 13 (IANS) The Madras High Court Monday adjourned the hearings on the winding-up petition filed by a private bank against cash-strapped retail chain Subhiksha till Wednesday, the company said in a press statement.
Neither Kotak Mahindra Bank, which moved the court on the basis of default of repayment obligations, nor Subhiksha’s managing director R.S. Subramanian were available for comment.

The court had earlier deferred paper notification of appointment of a provisional liquidator till Monday to allow Subhiksha to negotiate bail-out restructuring packages with other lending banks.

According to the company’s statement, Kotak’s spread is less than 5 percent of Subhiksha’s total credit.

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