Olympic Cards repays Rs.8.40 Cr HDFC Bank loan, replaces with interest-free director loans
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Olympic Cards has fully repaid and closed its Rs.8.40 Crore HDFC Bank loan facility. The company is obtaining a No Due Certificate from the bank and releasing charges on its assets. To fund this repayment, it has availed interest-free unsecured loans from two directors: Rs.4.00 Crore from Managing Director N. Mohamed Faizal and Rs.4.40 Crore from Non-Executive Director S. Jarina. These related-party transactions have been reviewed and approved by the Audit Committee and Board, with compliance under the Companies Act 2013 confirmed.
Reduces bank debt and interest costs, shifts funding to interest-free director support. Mildly positive on deleveraging; related-party nature needs watching.