Tata Capital Financial says loans to Siva settled over two years ago | Reuters

MUMBAI Tata Capital Financial Services said its loans to Siva Industries and Holdings and Siva Ventures Ltd had a high security cover, were backed by a personal guarantee from Chairman C Sivasankaran and settled over two years ago.The company was responding to a claim made by Cyrus Mistry, the former chairman of Tata Sons, that a loan had turned into a non-performing asset. In a letter to the Tata Sons board, Mistry said that a loan was given 'to Siva' despite Tata Capital's books being in need of a major clean up of bad loans to the infrastructure sector.

Reuters October 28, 2016 21:15:26 IST
Tata Capital Financial says loans to Siva settled over two years ago
| Reuters

Tata Capital Financial says loans to Siva settled over two years ago
 Reuters

MUMBAI Tata Capital Financial Services said its loans to Siva Industries and Holdings and Siva Ventures Ltd had a high security cover, were backed by a personal guarantee from Chairman C Sivasankaran and settled over two years ago.The company was responding to a claim made by Cyrus Mistry, the former chairman of Tata Sons, that a loan had turned into a non-performing asset. In a letter to the Tata Sons board, Mistry said that a loan was given "to Siva" despite Tata Capital's books being in need of a major clean up of bad loans to the infrastructure sector.

Tata Capital said in a statement late on Friday the loans amounted to 2 billion rupees ($29.95 million). "The facility was settled in June 2014 and due disclosures were made in the audited financial statements of the company," the company.

($1 = 66.7879 Indian rupees)

(Reporting by Abhirup Roy; Editing by Mark Potter)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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