Latest news with #PTCs
India Today
3 days ago
- Automotive
- India Today
Gensol misses May payment for loan on BluSmart cabs: Report
Gensol Engineering, promoted by two of the founders of electric mobility firm BluSmart, has missed a payment of about Rs 4 crore to its pass-through certificate (PTC) holders this month, reported The Economic Times (ET). The last successful repayment was made in April, said people familiar with the matter. Gensol had raised funds by issuing PTCs, which were offered to retail investors on the online platform Grip Invest. PTCs are loans given in exchange for an underlying asset, in this case, vehicles that run on the BluSmart loans were to be repaid using the cash earned by these electric cabs. But after BluSmart shut down its cab services and ongoing talks with Uber and other fleet operators failed to move ahead, repayments became Invest founder Nikhil Aggarwal confirmed the missed payment as quoted in the report. He said Gensol had raised a total of Rs 5.6 crore through the PTCs. So far, 56% of the principal has been repaid, but an amount of Rs 4.04 crore is still loans were secured against 76 electric vehicles. These vehicles are no longer in operation, as BluSmart has stopped its May 29, the Delhi High Court passed a final order, giving possession of these vehicles to the lessor, Vriksh Advisors, a subsidiary of Grip Invest. The court also allowed Vriksh to sell, operate or lease the vehicles. Aggarwal told ET that the vehicles have been inspected and found to be in good said Vriksh Advisors is now working on setting up charging stations and is in talks with fleet operators to re-deploy these vehicles on ride-sharing an industry insider pointed out that even if the vehicles begin running again, the terms of the original PTC agreement may change. He explained that revenues, commissions and pricing would differ on other platforms, and so the repayment plan would also need to be told ET that Vriksh Advisors is trying to find the best buyer or operator for the vehicles, in the hope that proceeds from the lease or sale will help repay the pending loan amounts.'People invested in BluSmart bonds and PTCs because they believed in the cab service, which had a good brand image, and they were also drawn by the high returns,' one investor told to a credit rating report issued by Care Edge Ratings on Tuesday, the bonds were issued in 2023, were due to mature in 2027, and offered a return of 13.6%.ET had earlier reported on April 21 that many BluSmart investors were expecting defaults on the bonds they had purchased through platforms like Yubi and Centricity. BluSmart had issued over Rs 100 crore worth of bonds over the past year. Of this, investors said that more than Rs 80 crore worth of non-convertible debentures (NCDs) are still due for troubles come as Gensol Engineering's promoters, brothers Anmol Singh Jaggi and Puneet Singh Jaggi, are under investigation. They are accused of diverting company funds for personal use. BluSmart has already stopped operations, and Gensol's bank accounts have been frozen following orders from the National Company Law Tribunal (NCLT) in Indian Renewable Energy Development Agency (Ireda), a government-run lender, said last week that it has moved the Debt Recovery Tribunal in Delhi against Gensol Engineering and its arm Gensol EV Lease, over a default of about Rs 729 crore. Ireda had earlier also filed an insolvency case against crisis began after market regulator Sebi launched a probe into Gensol Engineering following a stock manipulation complaint it received in June 2024. Sebi's investigation revealed that the Jaggi brothers had allegedly used loans meant for buying electric vehicles for personal In advertisement
Time of India
3 days ago
- Automotive
- Time of India
Gensol defaults on BluSmart-linked bond repayment for May
Gensol Engineering , promoted by the founders of electric mobility firm BluSmart , has defaulted on payment of around ₹4 crore to its pass-through certificates ( PTCs ) holders this month. The last repayment that was processed successfully was in April, people aware of the matter said. The troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case, the company had offered vehicles plied on the BluSmart platform as collateral for these loans. As the vehicles plied and generated revenue, repayments were processed out of that cash flow. Now, as the BluSmart cab service stopped and deal talks with ride hailing platform Uber and fleet operators are yet to come to fruition, the loan repayment has become uncertain. Confirming the development, Grip Invest founder Nikhil Agarwal said that while the total issue size was ₹5.6 crore, 56per cent of the principal amount has been repaid by Gensol and currently the outstanding is ₹4.04 crore. These loans were secured against 76 vehicles that were previously run on the BluSmart platform. On May 29, the Delhi High Court passed a final order and gave Vriksh Advisors, the lessor, the right to operate, sell or lease the assets. 'All vehicles are now in the possession of the lessor. The same have been inspected and found to be in good working order,' Aggarwal told ET. Vriksh Advisors is a subsidiary of Grip Invest. Aggarwal said the company has taken possession of the vehicles, inspected them, created charging facilities and is now in talks with fleet operators looking to deploy these vehicles on ride sharing platforms. A senior industry insider, however, said the repayment structure for PTCs might change even if the vehicles start running. 'Commissions, revenues, pricing and all the other factors would not remain the same across all platforms, so those things will need to be considered before starting the repayment schedule,' he pointed out. Vriksh Advisors is in the process of finding the best suitable buyer of the assets, so they can be used to repay the loans taken against them, people cited above said. 'People invested in BluSmart bonds and PTCs thinking of the cab services, which had a big brand value, and they were also attracted to the high returns offered by these instruments,' said an investor who has exposure to BluSmart bonds. According to a credit rating document issued by Care Edge Ratings on Tuesday, these bonds issued in 2023 were due to mature in 2027 and offered a coupon rate of 13.6per cent . ET had reported on April 21 that BluSmart investors were expecting major defaults on bonds they had purchased via platforms like Yubi, Centricity and others. The ride-hailing company had issued more than ₹100 crore worth of bonds over the last one year. The investor quoted above said that more than ₹80 crore of NCDs are due for repayments from BluSmart. This comes at a time when the Gensol promoters Anmol Singh Jaggi and his brother Puneet Singh Jaggi are under investigation for siphoning off funds from the company for personal consumption. While BluSmart has halted its operations, Gensol's bank accounts have been frozen under directives from the National Company Law Tribunal, Ahmedabad. State-run Indian Renewable Energy Development Agency (Ireda) last week said it has moved the Debts Recovery Tribunal, Delhi, against Gensol Engineering and its arm Gensol EV Lease, claiming a default of about ₹729 crore. Ireda had earlier filed an insolvency petition against Gensol. The entire saga started after market regulator Sebi kicked off an investigation into Gensol Engineering following a stock manipulation complaint it received in June 2024. Its findings showed that the Jaggi brothers diverted loans Gensol took to procure electric vehicles for personal use.
Time of India
24-05-2025
- General
- Time of India
Display details of fee fixation panels: Edu dept to pvt schools
1 2 Ranchi: The district education department has asked all private schools in the city to prominently display the names and contact details of their fee fixation committees (FFC) and parent-teacher committees (PTC) on their premises. Schools have been told complete this display work during the ongoing summer vacation. This directive follows earlier instructions to all private schools to constitute both the FFCs and PTCs. Department officials said only 50 out of 150 schools have complied so far. "However, many of these schools did not make the details of the committees public, which is required," Badal Raj, the district superintendent of education (DSE), said. Raj said, "The step aims to empower parents by ensuring transparency in school administration, especially concerning fee structures. If a school increases its fees, parents can now raise concerns directly with the committee members. In addition to tuition fee hikes, parents can also file complaints related to increased charges in other categories." To address such issues, a district-level committee and a dedicated monitoring cell have been set up to act on any valid complaint. These measures align with the provisions of the Jharkhand Education Tribunal (Amendment) Act of 2017, which calls for the formation of fee-related committees at both the school and district levels to prevent irregularities. The department clarified that no private school can increase its fees, whether below or above 10%, without consensus between the FFCs and PTCs. If a school seeks to increase fees beyond 10 percent, it must obtain prior approval from the district-level committee. Additionally, a reminder will be issued to schools that have not yet formed the committees. If they fail to comply, a show-cause notice will be served to them. Principal of Kairali School, Rajesh Pillai, said, "We are using the summer vacation period to put up the committee names and contact numbers. The information will be displayed before the schools reopen." Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Economic Times
05-05-2025
- Business
- Economic Times
Housing finance firms to raise up to Rs 12,000 crore via RMBS in FY26
Housing finance companies are expected to raise Rs10,000-12,000 crore in the current financial year through listed residential mortgage-backed securities, structured by RMBS Development Company Ltd, a National Housing Bank-promoted entity similar to the likes of Freddie Mac and Fannie Mae. ADVERTISEMENT The fundraising will be done across seven to 10 deals in the current financial year, Sanjay Shukla, managing director of NHB said on Monday. RDCL, which structured one such deal last week, is in talks with a couple of housing finance companies. RDCL, in which NHB holds the largest stake of 39%, started operations in March 2025. In addition to structuring RMBS deals, RDCL's scope of activities involve providing liquidity support and credit enhancement, among others. Shukla was speaking at the sidelines of listing of India's first residential mortgage-backed securities (RMBS). This involved LIC Housing Finance raising Rs1,000 crore last week through pass-through certificates (PTC) maturing in 20 years at a 7.26% coupon, payable monthly. PTCs are debt instruments backed by assets like loans, which in this case was the housing loan portfolio originated by LIC of loan pools is a popular method among non-banking finance companies. But what sets this particular transaction apart is that price discovery was done through the bidding process on National Stock Exchange's electronic bidding platform.'When housing finance companies sell (loan portfolios) to banks at a pre-agreed rate, there is no price discovery. In this structure, there will be price discovery. The bidding will take place on the electronic bidding platform,' Shukla said. ADVERTISEMENT M Nagaraju, secretary – department of financial services, said that under such transactions, the cost of borrowing is expected to come down for housing finance companies, which will be passed on to the end borrower. 'Another major benefit will be to get long-term housing loans at a fixed rate.''Once PTCs are made available to retail investors, investment in this instrument is another option, where they can get monthly inflow,' Nagaraju said. ADVERTISEMENT In LIC Housing Finance's deal, the PTCs were issued through a special purpose vehicle and are rated AAA(SO) by CRISIL and Shukla also said that NHB is planning to raise Rs55,000-Rs60,000 crore through bonds in FY2026 compared with Rs48,000 crore in the previous financial year. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
05-05-2025
- Business
- Time of India
Housing finance firms to raise up to Rs 12,000 crore via RMBS in FY26
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Housing finance companies are expected to raise Rs10,000-12,000 crore in the current financial year through listed residential mortgage-backed securities , structured by RMBS Development Company Ltd, a National Housing Bank-promoted entity similar to the likes of Freddie Mac and Fannie fundraising will be done across seven to 10 deals in the current financial year, Sanjay Shukla, managing director of NHB said on Monday. RDCL, which structured one such deal last week, is in talks with a couple of housing finance in which NHB holds the largest stake of 39%, started operations in March 2025. In addition to structuring RMBS deals, RDCL's scope of activities involve providing liquidity support and credit enhancement, among was speaking at the sidelines of listing of India's first residential mortgage-backed securities (RMBS). This involved LIC Housing Finance raising Rs1,000 crore last week through pass-through certificates (PTC) maturing in 20 years at a 7.26% coupon, payable monthly. PTCs are debt instruments backed by assets like loans, which in this case was the housing loan portfolio originated by LIC of loan pools is a popular method among non-banking finance companies. But what sets this particular transaction apart is that price discovery was done through the bidding process on National Stock Exchange's electronic bidding platform.'When housing finance companies sell (loan portfolios) to banks at a pre-agreed rate, there is no price discovery. In this structure, there will be price discovery. The bidding will take place on the electronic bidding platform,' Shukla said.M Nagaraju, secretary – department of financial services, said that under such transactions, the cost of borrowing is expected to come down for housing finance companies, which will be passed on to the end borrower. 'Another major benefit will be to get long-term housing loans at a fixed rate.''Once PTCs are made available to retail investors, investment in this instrument is another option, where they can get monthly inflow,' Nagaraju LIC Housing Finance's deal, the PTCs were issued through a special purpose vehicle and are rated AAA(SO) by CRISIL and Shukla also said that NHB is planning to raise Rs55,000-Rs60,000 crore through bonds in FY2026 compared with Rs48,000 crore in the previous financial year.
