Page 3 - Mcleod Russel

McLeod Russel seeks shareholders' nod on chairman's pay, recovery waiver

The move comes at a time when the company is facing severe financial stress and is approaching the banks for loan restructuring

McLeod Russel rejigs board amidst potential insolvency proceedings

Pradip Bhar, a cost accountant by profession, who was associated with WMG for over 31 years, has taken charge as the firm's new CFO

Lenders to troubled McLeod Russel go to SBI Caps for loan restructuring

A similar restructuring of loans is being considered by the lenders for another Williamson Magor entity, McNally Bharat Engineering

Auditor flags doubt on McLeod Russel's ability to stay in business

The auditor has also stated that the financial statement prepared by the company is not in accordance with the requirements of Regulation 33 of the Sebi

McLeod Russel auditor Deloitte concerned over company's solvency

According to Deloitte, the Williamson Magor Group company's liabilities exceed assets by Rs 1,435.66 crore

McLeod Russel hits 52-week low as lenders start invoking pledge

In a regulatory filing with BSE, McLeod said during June 10-11, 3,800,000 shares of the company, representing 3.64% of the company's share capital has been invoked against a total loan of Rs 400 cr

Promoters lose 4.32% stake in McLeod Russel as ABFL invokes pledged shares

Stake now stands at 38.39%; Woodside Parks, the promoter group's investment wing, loses its entire holding

Promoters of McLeod Russel pledge nearly all of their shareholding

In separate regulatory filings with the BSE, the company said on April 30, another two promoter group companies pledged their shares

McLeod Russel shares tumble 8.9% to Rs 37.85 after ratings downgrade

Sources said a significant part of McLeod's debt would come up for repayment in the next 3-6 months, which would keep its liquidity position under stress

ICRA downgrades McLeod Russel on falling margins, exposure to group cos

The ratings downgrade implies a reduction of assurances in McLeod's ability of timely servicing its financial obligations and credit risks

McLeod Russel posts 20.59% fall in net profit in Q3 after estate sales

The Tea Board had ordered compulsory closure of gardens and factories so that sub-standard tea is flushed out of the market

McLeod locks deal with Goodricke to sell two more tea estates in Assam

Sources estimated the Harchurah tea estate to be valued at Rs 360 per kilo for and the Bargang tea estate at Rs 350 per kilo

McLeod Russel to sell third tranche of tea estates in Assam, Bengal

In turn, the company will focus on leaf procurement from small tea growers and process the tea from its own bought leaf factories which assures it a higher margin

McLeod Russel seeks shareholders' nod to sell additional tea gardens

The firm plans to exit Dooars operations after two tranches of tea estate sales in Assam

McLeod Russel sale plan may draw interest from Assam Company's suitors

The acquisition of McLeod Russel gardens may be less complex than Assam Company, which is undergoing insolvency proceedings

McLeod Russel to sell gardens in Assam, Dooars in six months to pare debt

This move would help the tea arm balance its portfolio of Indian and foreign production

McLeod Russel's Q3 down 31% to Rs 24 cr

Top line down 13% to Rs 442 crore, tea price realisation dips

To stay in game, McLeod Russel plans 10-year road map

Firm has asked at least three advisors to give deliver recommended road maps, which are expected in next six months