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SKNL liquidation leads to shutting of Reid & Taylor factory

On May 14, the factory that produced fabric under the Reid & Taylor brand was shut down as its parent company S Kumar’s Nationwide (SKNL) was liquidated by NCLT in February 2019. In 2011, SKNL had planned an ambitious Rs 1,000 crore initial public offer (IPO) for RTIL but the plan was shelved due to unfavorable market conditions. This forced the brand to stall its plans to open 15 flagship and 160 exclusive stores.

By the end of 2012, financial institutions that held stakes in the company started selling off their shares amid fears that the company was doomed. In December 2012, IDBI Bank invoked 14.57 per cent of its stake that promoters had pledged with it, and sold 3.66 per cent in the market.

By March 2013, SKNL had an outstanding debt of Rs 4,484 crore and had started defaulting on repayment commitments. Within a year, its creditors including ICICI Bank, moved the Bombay high court seeking winding up of SKNL. By 2018, SKNL had defaulted on over Rs 5,000 crore of loans, and the company’s promoter, Nitin Kasliwal, was declared a willful defaulter by most lenders.

The Reid & Taylor brand went into oblivion as RTIL was dragged to insolvency court, and in December 2018, a committee of creditors decided to liquidate it.

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