 "Lenders may invoke guarantees of Shriram Transport Finance on SVL Ltd")
Lenders of SVL Ltd, an unlisted holding company of the Shriram group, are planning to invoke the guarantees of Shriram Transport Finance Company (STFC) after a majority of the SVL's investments turned bad. SVL's subsidiaries like Shriram EPC, Orient Green Power and Haldia Coke are facing insolvency proceedings in the National Company Law Tribunal after a loan default.
STFC's stock fell 11.8 per cent on Wednesday and lost Rs 34.8 billion of its market value as lenders are closing in on SVL owned companies. Bankers said many of the SVL-owned entities and SVL itself have defaulted on loans and have
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