Intimation under Regulation 30 of SEBI LODR Regulations
CLEANMAX · price
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Clean Max Enviro Energy Solutions has disclosed corporate guarantees it had issued for Clean Max Taurus Private Limited, which has ceased to be a wholly owned subsidiary of the company. The disclosure is required under SEBI Listing Regulations following the change in subsidiary status. The company provided a corporate guarantee for credit facilities of up to INR 128 crores extended by Tata Capital Limited to Clean Max Taurus Private Limited. The guarantee is in favor of IDBI Trusteeship Services Limited as security trustee and can only be invoked upon an event of default. The company states the guarantee represents a contingent liability with no current impact on its financials.
This disclosure indicates the company continues to have financial exposure through guarantees related to its former subsidiary. The INR 128 crore guarantee represents a contingent liability, though management asserts no immediate impact. Shareholders should monitor whether the subsidiary's credit situation deteriorates, which could create actual liability.