Please find enclosed herewith intimation u/r 30 of SEBI LODR for intimation regarding receipt of Event of Default Notice from Debenture Trustee for delay Redemption of Old Series-III NCDs.
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Harish Textile Engineers Ltd informed BSE that on November 11, 2025, it received an Event of Default notice from Axis Trustee Services Limited, the Debenture Trustee, for failing to redeem its Old Series-III Non-Convertible Debentures (NCDs) on the due date of October 7, 2025. The default covers a principal of Rs. 64.72 lakh and interest of Rs. 2.34 lakh on 7% unlisted, secured, unrated, redeemable NCDs originally issued in August 2021. The Trustee has called for repayment of aggregate dues of Rs. 2.13 crore (covering both Old Series-III and New Series-IV NCD holders) and indicated intent to initiate enforcement proceedings. The company said it is in discussions with the Trustee and debenture holders to resolve the matter and arrange funds, while claiming the liquidity crunch is temporary and will not affect its going concern. Total financial indebtedness of the company stands at Rs. 34.01 crore.
This is a negative signal for shareholders — the company has defaulted on its NCD redemption obligation, triggering potential enforcement action by the Trustee and raising concerns about liquidity and debt servicing capacity. Investors should expect heightened credit risk and possible further disclosures or restructuring activity.