Four banks send loan recall notices to PC Jeweller, Retail News, ET Retail

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Delhi-based PC Jeweller has been sent loan recall notices by four banks, media reports said today quoting the company.

The four lenders in question are IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank.

Informing that the company’s legal matters with SBI are in process, it said in a regulatory filing, “We submit that the four other banks of the Consortium, namely IDBI Bank, Indian Bank, Bank of India as well as Karur Vysya Bank have also issued their loan recall notices to the company.”

All PC Jeweller outlets except three are currently operational, the company further said.

During its September quarter earnings announcement, the company had told stock exchanges of its default on Rs 3,466.28-crore loan facilities from lenders. Banks that had loan dealings with the company included SBI, Axis Bank, Punjab National Bank, Union Bank of India, Kotak Mahindra Bank and Induslnd Bank, it said.

As of Q3, the company’s domestic business turnover stood at Rs 829.10 cr, up from Rs 600.18 crore in the same quarter a year earlier. The results for December quarter, however, have yet to be formally announced.

Q2 net profit for the company had come in at Rs 85.92 crore.

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