‘Zylog’s financial crisis deepens’

Chennai: The financial crisis of Zylog has been exacerbated by the Corona epidemic, a statement quoting its shareholders said.

A case related to the company’s alleged failure to repay loans is pending in the Madras High Court, it said.

According to the statement by Zylog Shareholders Forum, written complaints have been lodged with the Prime Minister, Finance Minister and other agencies to resolve the issue.

According to shareholders, the provisional liquidation decision was taken in 2014 against Zylog Company for failing to repay loans taken from various banks and financial institutions. “In 2016, the High Court appointed a retired justice as administrator who appointed some directors. Recently SEBI while imposing restrictions on two of these additional directors following a complaint from shareholders, ordered them to buy back company‚Äôs shares from market on insider trading charges.”

 

NT Bureau