Dear Friends,
If a company is a Multiple Wilful Defaulter of say about 100 Crores, as reported by various lender banks to CIBIL.
Are there any regulations in place that prevent the Promoter-Directors of wilful defaulter company to raise funds through FCCB in another company of the same group ?
Thanks
As per the below RBI circular(see para xv), it would not be permitted as those companies are prohibited from accessing the Indian capital mkts imo by SEBI in any case as per 2011 DIP Guidelines.
https://www.rbi.org.in/scriptts/NotificationUser.aspx?Mode=0&Id=7353#fce
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