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Suzlon Energy has denied the rumors of the company filing for bankruptcy and thus approaching the National Company Law Tribunal (NCLT) for the same.
The company said that all the news about the company is baseless and false. The company chose to clarify all these rumors on the stock exchanges’ disclosure platform rather than speaking about any matter in front of media as it is a listed company. The reason why the company refused to speak with media and clarify the rumors is that it does not want the media to add to any issue and give rise to more rumors.
The company further added that the company and its lenders are together working efficiently in order to come up with a sustainable resolution plan and to preserve the reputation of the company. The company also said that all the people and entities holding a stake in the company are aware of the contribution made by Suzlon Energy to Indian Renewable Energy sector.
It was further mentioned that Suzlon Energy had written a rumor clarifying letter to the stock exchanges on July 17, 2019,and according to the circular issued by the Reserve Bank of India dated June 7, 2019, the company has time till January 2020 to formulate a proper resolution plan before becoming compelled to take any serious step. It was also revealed by the company that all the lenders of Suzlon Energy had already signed the inter-creditor agreements before writing the letter to the stock exchanges for clarification of rumors about the company.
It shall be noted that the company shares have fallen by 10% and the company is currently trading at Rs. 2.27. Previously the shares of the company were valued at Rs. 2.53 which clearly shows that the value of the company shares has fallen by Rs. 0.26. So far 1,75,55,314 shares of the company have been traded on the counter and the market cap of Suzlon energy is Rs. 1,345.90 crore.
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