Cox & Kings announces fresh Rs 174-cr default; independent director quits

Cox & Kings on Wednesday announced the resignation of its independent director Subhash Chandra Bhargava, as well as a default of Rs 174 crore on commercial paper. The tour operator informed the stock exchanges that Bhargava resigned with effect from Tuesday due to personal commitments and other pre-occupations. The firm has been facing liquidity crunch for the past few months, leading to default on loans, and rating downgrades. Recently, the tour operator has defaulted on commercial paper payments of over Rs 200 crore.