Mangalam Drugs Defaults on Loan Obligations to BoB, BoM

Mangalam Drugs & Organics Ltd has officially informed the stock exchanges about its default on loan obligations to Bank of Baroda and Bank of Maharashtra. The company has exceeded the 30-day grace period for non-payment of interest or principal. Specifically, the default pertains to a Cash Credit A/c with Bank of Maharashtra for ₹951.19 Lacs (₹9.51 Crore) and with Bank of Baroda for ₹606.08 Lacs (₹6.06 Crore). The company stated it is making arrangements to pay the overdue amounts as soon as possible. This filing is a subsequent intimation regarding the bank default as per SEBI (LODR) Regulations, 2015.