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State Bank of India (SBI) has agreed to a one-time settlement (OTS) proposal from PC Jeweller to resolve their outstanding debt. The agreement includes a combination of cash payment, issuing shares (equity component), and releasing collateral that PC Jeweller had pledged for the loan.
Earlier this month, PC Jeweller received a show cause notice (SCN) from the Securities and Exchange Board of India (SEBI) for allegedly not properly disclosing information about their loans turning bad (NPA), ongoing legal cases, and debt resolution plans. The company claimed they have already been transparent in their quarterly reports and presentations, so the notice should not significantly impact them. They are exploring a settlement option with SEBI and seeking legal advice.
PC Jeweller (PCJ) is one of the leading players in the gems and jewellery segment in India. PCJ, with its headquarters in Delhi, is engaged in the manufacture, retail and export of gold, diamond and studded jewellery.
The company reported consolidated net loss of Rs 197.98 crore in Q3 FY24 as compared with net loss of Rs 61.12 crore recorded in Q3 FY23. Revenue from operations tanked 95.3% YoY to Rs 40.06 crore in Q3 FY24.
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