Burnpur Cement's scheduled payment to banks hit by notes ban

Cement maker Burnpur Cement today said its account with the lenders has become irregular owing to non-payment of scheduled remittance in the wake of depressed market and cash flow mismatch post demonetisation.
"The account of the company with the lenders has become irregular due to non-payment of scheduled payment on account of cash flow mismatch as a result of demonetisation and depressed market," Burnpur Cement said in a filing to BSE.
The matter is under discussion with the lenders and the lead bank is positive on suitable restructuring, it said.
The other banks are also in the process to follow the decision of consortium meeting, it added.

The cement producer has two plants, one in Asansol in West Bengal and the other in Patratu district in Jharkhand. Each plant has 0.3 mtpa installed capacity.