Beneficiary: The Hongkong and Shanghai Banking Corporation Limited (HSBC UK Bank PLC)
Principal Borrower: S.P Apparels (UK) P Limited (Wholly owned Subsidiary of S.P Apparels Limited)
Transaction Details
The corporate guarantee serves as security for the term loan facility availed by S.P Apparels (UK) P Limited
The transaction involves promoter interest: Mr. P. Sundararajan, Chairman & Managing Director of S.P Apparels Limited, is a director in SP Apparels (UK) P Limited
The company states the transaction was done at "arm's length"
Financial Impact
The company explicitly states: "There is no impact of this guarantee on the Company other than disclosure in the Financial Statements as a Contingent Liability"
