Mangalam Drugs And Organics Limited has informed the Exchange about Fraud/Default/Arrest
MANGALAM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mangalam Drugs and Organics Limited has disclosed a loan default under SEBI regulations. The company has defaulted on cash credit facilities with two banks - Bank of Maharashtra (overdue Rs. 951.97 lakhs, default since October 17, 2025) and Bank of Baroda (overdue Rs. 606.08 lakhs, default since October 20, 2025). The total overdue amount stands at Rs. 1,558.05 lakhs (approximately Rs. 15.58 crore) as of May 15, 2026. The company states it is making arrangements to pay the overdue amount as soon as possible. This is a subsequent disclosure following an earlier default intimation dated February 16, 2026.
This is a significant negative development indicating financial distress. The loan default exceeding 30 days will likely result in the accounts being classified as Non-Performing Assets (NPA) by the banks, which could severely impact the company's credit rating and future borrowing ability.