As per sanctioned terms and conditions of the said facility, the lender has an option to convert the loan into Equity in the event of default by the borrower.
The Promoters of the Company have furnished an Undertaking to the Lender to accord positive assent to necessary resolution/s proposed by the Company in an event of default to enable conversion of the Facility (as may be decided by the Lender) into Equity under Section 62 of the Companies Act, 2013, as and when called upon by the Lender to do so.
On Tuesday at around 10:33 AM, Chalet Hotels was trading at Rs308 apiece up by Rs8.5 or 2.84% from its previous closing of Rs299.50 apiece on the BSE.
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