This document is a regulatory disclosure filed by Interworld Digital Limited with the Bombay Stock Exchange (BSE) pursuant to SEBI Circular No. SEBI/HO/CFD/CMDl/CIR/P/2019/140 dated 21st November, 2019. It details defaults on loan payments for the quarter ending June 30, 2026.
Nature of Disclosure and Default
The disclosure confirms a continuing default on a loan obligation. The specific default is on a "Loan against vehicle" obtained from Kotak Mahindra Bank (Kotak Mahindra Prime Limited). The total amount of this default as on June 30, 2026, is ₹0.06 crore.
Key Quantitative Figures
- Default Amount (Specific Loan): ₹0.06 crore.
- Total Outstanding Loan (Vehicle Loan): ₹0.01 crore.
- Other Short Term Unsecured Loans: ₹2.15 crore.
- Interest and other charges due but not paid: ₹0.05 crore.
- Total Outstanding Amount/Debts (Total Financial Indebtedness): ₹2.21 crore.
- Sanctioned Interest Rate: 9.79% for the Loan against Vehicle.
Details of the Loan and Default
The defaulted loan is identified as a secured "Loan against vehicle" from Kotak Mahindra Prime Limited. The company states it has defaulted on the repayment of the last installment of this loan.
Stated Rationale for Default
The company attributes the default to its past Managing Director, Mr. Man Mohan Gupta. The disclosure states that the vehicle purchased with the loan funds is currently in Mr. Gupta's possession. Furthermore, it alleges that Mr. Gupta "fraudulently shifted the entire business of the company including its Intellectual Property to the other entities formed by him."
The current management claims to have repeatedly requested Mr. Gupta to either return the vehicle or clear the outstanding debt himself, but he has not cooperated, leading to the continued default.