Subsequent Bank Default Intimation under Para-A Sub Para 6 of Schedule III
MANGALAM · price
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Mangalam Drugs And Organics has informed the stock exchange about a subsequent default in repayment to a bank. The disclosure has been made under SEBI's Listing Regulations (Schedule III, Para A, sub-para 6), which mandates listed companies to intimate exchanges when they default on loan obligations. The term 'Subsequent' indicates this is a follow-up intimation, likely confirming continued non-payment or updating details of a previously disclosed default. The specific bank and outstanding amount are not mentioned in the headline.
This is a negative signal for shareholders, indicating the company is struggling to repay its debt on time and may face further financial stress, higher borrowing costs, and potential rating downgrades.