Cox & Kings gets ROC nod to push holding of AGM by 3 months till Dec 30

Beleaguered tours and travel firm Cox & Kings on Thursday said it has received approval from the Registrar of Companies (ROC) for a 3-month extension for its annual general meeting 2018-19.

The company, which had earlier this month said it was not in a position to finalise and consider financial results for the June 2019 quarter due to its ongoing resolution plan, had sought for an extension of time to hold its annual general meeting (AGM).

In a regulatory filing, Cox & Kings said ROC, Mumbai, has given it time till December 30, 2019, to hold the 79th AGM of the company for the financial year ended March 31, 2019.

The meeting was scheduled to be held on September 30.

According to regulations, a company is required to hold its AGM in the earliest of either within six months from close of a financial year, or 15 months from the last AGM, or the last date of a calendar year.

The tours and travel firm has defaulted on its debt repayments multiple times since June with the last coming on August 14 failing to repay Rs 149 crore for unsecured commercial paper to an investor.

Earlier this month, Cox & Kings had said its lenders have signed the inter-creditor agreement with State Bank of India as the lead banker with 70 per cent of the lenders signing the ICA.

Citing a Reserve Bank of India circular dated June 7, the company had said the resolution plan of the company was to be implemented within 180 days.

In July, the company had announced that there was temporary cash flow mismatch and its working capital situation was stretched, which was further impacted due to its inability to replace the short-term loans with long-term loans or regular working capital lines.