disclosure
Awaiting price reaction for this filing.
Interworld Digital has disclosed a default on its loan repayments to banks and financial institutions as of 31 March 2025. The total outstanding loan amount is Rs 0.06 crore, and the entire amount is currently in default. The company's total financial indebtedness stands at Rs 1.11 crore, which includes a Rs 0.01 crore vehicle loan from Kotak Mahindra Bank, Rs 1.05 crore in other short-term unsecured loans, and Rs 0.05 crore in unpaid interest and charges. The default relates to the last installment of a vehicle loan from Kotak Mahindra Prime Limited. According to the company, the vehicle is in the possession of the past Managing Director, Man Mohan Gupta, who allegedly fraudulently diverted the company's business and intellectual property to entities he controls. Despite repeated requests, he has not returned the vehicle or settled the dues.
Although the default amount is small in absolute terms, the filing reveals serious governance concerns involving alleged fraud by a former MD. Shareholders should view this as a red flag on management credibility and internal controls, though the financial scale of the default is limited.