BPL Limited , a prominent Indian electronics company, has announced a significant development involving its promoter group entities. The company recently informed the stock exchanges about changes in shareholding patterns due to a share pledge agreement.

Share Pledge Agreement Details

ER Computers Private Limited and Electro Investment Private Limited, both promoter group entities of BPL Limited, have entered into a share pledge agreement with Claypond Capital Partners Private Limited. The agreement involves pledging shares of BPL Limited to secure a loan of INR 96.00 crore.

Key Points of the Agreement

• Loan Amount: INR 96.00 crore
• Lender: Claypond Capital Partners Private Limited
• Borrower: ER Computers Private Limited
• Pledgors: ER Computers Private Limited and Electro Investment Private Limited
• Purpose: To secure the loan obligations of ER Computers Private Limited

Impact on BPL Limited

According to the company's disclosure, the share pledge agreement does not have any direct impact on BPL Limited's management or control. The company emphasized that:

1. BPL Limited is not a party to the share pledge agreement.
2. No liabilities have been imposed on BPL Limited as a result of this agreement.
3. The agreement only creates an encumbrance over the shares held by the promoter group entities in BPL Limited.

Regulatory Compliance

BPL Limited has made the necessary disclosures to the stock exchanges in compliance with Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Additional Company Update

In a separate development, BPL Limited informed the stock exchanges that it has deposited a sum of INR 96.00 crore with the Registrar of the Supreme Court of India. This deposit was made pursuant to a Supreme Court order. The company stated that this payment was made under protest against an order obtained by an unsecured creditor from the Division Bench of the High Court of Delhi.

The management of BPL Limited has assured stakeholders that they are taking all efforts to ensure that this payment does not affect the immediate operations of the company. However, they noted that while the outflow is not expected to materially impact the company's operations, they are closely monitoring the situation.

Investors and stakeholders of BPL Limited will likely be watching closely to see how these developments unfold and their potential long-term implications for the company's financial position and operations.

BPL Limited , a prominent Indian electronics company, has taken a significant step in an ongoing legal matter by depositing ₹96 crore with the Supreme Court of India. This action comes as part of a continuing dispute with an unsecured creditor.

Key Developments

• BPL has deposited ₹96.00 crore with the Supreme Court under protest.
• The deposit was made in compliance with a Supreme Court order dated September 12.
• The deadline for making the deposit was September 19, which BPL met successfully.

Background of the Dispute

The dispute stems from an order obtained by an unsecured creditor from the Division Bench of the High Court of Delhi. BPL has been addressing this issue in its quarterly financial results, indicating the ongoing nature of the legal matter.

Company's Stance and Impact

BPL has emphasized that the payment was made "under protest," suggesting that the company disagrees with the underlying claim or order but is complying with the court's directive.

In its disclosure to the stock exchanges, BPL stated:

"It is expected that the outflow will not materially impact the operations of the company. However, the management is taking all efforts to ensure that the payment will not affect the immediate operations of the Company."

Regulatory Compliance

The company made this disclosure in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed entities to inform stock exchanges about material events or information.

BPL's prompt action in meeting the court-mandated deadline and its transparent communication with stakeholders demonstrates the company's commitment to regulatory compliance and resolution of ongoing legal matters.

Investors and stakeholders will likely continue to monitor the progress of this dispute and its potential implications for BPL's financial position and operations.