Risk Management Committee of the Board of Directors of Company has inter alia approved providing of hypothecation, pledge and other support in relation to facility availed from Assem Infrastructure ....
CLEANMAX · price
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Clean Max Enviro Energy Solutions has received Risk Management Committee approval to provide hypothecation, pledge and other security support for term loan facilities availed by two subsidiaries from Aseem Infrastructure Finance Limited. The two subsidiaries, Clean Max Emerald Private Limited and Clean Max Teton Private Limited, have collectively taken loans of Rs 169 crore (Rs 108 crore and Rs 61 crore respectively). This support represents contingent liability for the parent company as it forms part of the consolidated group. The company has confirmed this transaction is at arm's length and that promoters have no interest in the arrangement.
While this creates a contingent liability of Rs 169 crore for Clean Max Enviro Energy Solutions, the company states there is currently no impact on its financials. However, if the subsidiaries default, the parent company could be called upon to fulfil this security obligation.