Mutual. There is no provision to postpone repayment of debt by the fund

Mumbai, Ta. September 26, 2019, Thursday

Ajay Tyagi, chairman of the capital markets regulatory system Securities and Exchange Board of India (SEBI), said here today that there is no provision to postpone or postpone repayment of debts. With Zee Entertainment Enterprises extending the loan repayment period by lenders, Sebi made it clear that it was not convertible.

It is worth mentioning that Essel Group announced yesterday, September 9, that its lenders have unanimously agreed to extend the payment repayment period. According to sources, Essel Group has agreed to postpone the loan repayment period for six months from its lenders, Aditya Birla Asset Management Company, HDFC AMC, Franklin Templeton AMC and three others.

Speaking at a program organized on the topic of capital markets here today, the SEBI Chairman said, "Sebi's norms do not allow these deferred agreements in any form." The SEBI does not know whether these units-companies have followed the correct standards on deferred agreements.

Meanwhile, the SEBI chairman further said that after the acquisition of IDBI Bank by Life Insurance Corporation, it would have to sell an additional five per cent of the additional holdings in the National Stock Exchange (NSE).

Regarding the role of rating agencies in the current liquidity crisis, Ajay Tyagi said, "Ratings agencies are the only vote-openers and institutional investors and mutual funds should conduct their own analysis on any company." It was worth mentioning that in September 1, the IL&FS group with the Triple A rating was pushed into crisis.