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A consortium of lenders has given the S Kumars Nationwide (SKN) group a deadline to begin payments on dues by the end of the month. Else, they intend to begin legal action, including notices for attaching securities, said a senior executive from a public sector bank. The group consists of S Kumars Ltd, Reid & Taylor and Brandhouse Retail.
Nitin Kasliwal, managing director of SKN, said: “We are in talks with the consortium of lenders and we are regularising our accounts shortly.”
One of the lender’s, IDBI Bank, had sold the shares pledged for their loans, to recover the dues. The company has defaulted on payment to lenders for many quarters. UCO Bank, another public sector lender, had issued a notice to recover the dues.
