Glass half empty

Carnation for clunkers

Try as hard as they have, Jagdish Khattar and his sons, Gautam and Kunal, haven’t been able to swing the turnaround they were hoping for

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On 27 September 2013, Carnation Auto India Private Limited took a loan from Punjab National Bank (PNB). Of Rs 105.75 crore. Sometime in April of 2015, the company started defaulting on its payments. As of March 2016, the company owed PNB close to Rs 116 crore. Rs 105 crore principal, Rs 5 crore in unpaid interest and Rs 6 crore in interest provision. This wasn’t the only default. Carnation had been running on fumes for a while, and for whatever little miracle it was hoping for, it had issued convertible debentures to IFCI Venture Capital Fund. It…

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