Asia Pack: Rs 23 Lakh corporate guarantee extinguished
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Asia Pack Ltd had given an additional corporate guarantee of Rs 23 Lakhs to Saraswat Co-Operative Bank on behalf of Miraj Entertainment Limited, a promoter group company, to secure additional credit facilities. The guarantee has now been fully discharged after the borrower repaid and closed the underlying credit facilities. As a result, Asia Pack's contingent liability is reduced by Rs 23 Lakhs, with no adverse impact on its operations, financial position or going concern status.
Contingent liability reduced by Rs 23 Lakhs. Off-balance-sheet risk removed with no adverse impact on operations or financials.