McLeod Russel defaults at Rs 1,187 cr; to sell tea estates to pare debt

This is the first time the financially stressed McLeod has made public the total payment it has defaulted with the lenders under this new regulation

Williamson Magor Group (WMG) owned McLeod Russel on Wednesday said it has defaulted on payments of Rs 1,187.09 crore till December 31, 2019.

According to a regulatory filing on the BSE, the company said that while its total indebtness, inclusive of long-term and short-term loans stands at Rs 2,189.85 crore, a default of Rs 1,187.09 has been made by the firm.

The disclosure follows market regulator SEBI tightening its disclosure norms for reporting loan defaults. According to law, any default in repayment of either the principal or the interest amount to lenders borne by listed companies which continues beyond 30