New Delhi: Shares of Cox & Kings fell by 5 per cent Wednesday after the company said it has defaulted on its repayment obligations on commercial papers worth Rs 45 crore. The scrip declined 4.76 per cent to close at Rs 19 — its lower circuit limit and also its 52-week low — on the BSE. On the NSE, it fell by 4.98 per cent to Rs 19.05. The tours and travel company & Kings Tuesday said it has defaulted on its repayment obligations on commercial papers worth Rs 45 crore, while interest of Rs 41 lakh could not be paid timely on bonds worth Rs 50 crore. Also Read – Maruti cuts production for 8th straight month in Sep This is the fourth instance within a span of just three weeks that the beleaguered firm has defaulted on meeting financial obligations. In a regulatory filing, the company said that it has defaulted on payment on unsecured commercial papers worth Rs 45 crore on July 16, 2019. In a separate filing, the company said it defaulted on July 15, 2019, towards paying interest of more than Rs 41 lakh during June 15 to July 15, 2019, on secured redeemable non-convertible bonds worth Rs 50 crore. “Whilst the company was making all efforts to make the interest payment on time, the same could not be paid due to cash flow mismatch. The company proposes to meet its obligations through a combination of internal accruals and monetisation of assets. The company is working towards plans to make good its obligations,” it said in the filing.
The exercise, which began at the end ofJune, is expected to take up to six months to complete.It “will help consolidate a unified database for the purposes of protection, identity management, documentation, provision of assistance, population statistics and ultimately solutions for an estimated 900,000 refugees who have fled from Myanmar to Bangladesh in successive waves of forced displacement,” Charlie Yaxley, spokesperson for the Office of the UN High Commissioner for Refugees (UNHCR) told reporters on Friday in Geneva.Since August of last year, more than 720,000 have fled in what was one of the world’s largest and fastest growing refugee emergencies in decades.“The verification will play a key role in establishing refugees’ identities and their declared places of origin in Myanmar,” he continued. “It will help preserve their right to voluntarily return home, if and when they decide that the conditions are right to do so.”The verification will play a key role in establishing refugees’ identities – UNHCR’s Charlie YaxleyThe exercise will also help to boost accurate refugee data – supporting the Government and humanitarian partners to better understand their specific needs; plan, target and deliver protection and assistance; and avoid duplicating services.“Biometric data, including iris scans and fingerprints as well as photographs, are used in the exercise to confirm individual identities for all refugees over the age of 12,” Mr. Yaxley explained.The credit card-sized plastic IDs, issued jointly by the Bangladesh Government and UNHCR, contain a number of anti-fraud features.Since the start of exercise on 21 June, some 4,200 refugees have been verified – despite heavy monsoon rains in recent days – most attending their verification appointments, aware of the significance of having an identity card.In addition to providing laptops, servers, wireless routers, biometric hardware and printing equipment, UNHCR is also making available special biometric registration software.“Following his visit to Bangladesh this week, the UN High Commissioner for Refugees, Filippo Grandi, said greater resources must be found to develop education, healthcare and infrastructure to build a more sustainable life for Rohingya refugees and their hosts,” said the spokesperson.Ten months into the Rohingya refugee crisis, the response continues to remain focused on addressing the massive humanitarian needs, and on mitigating the impact of monsoon rains in refugee settlements.To date, the UN’s Joint Response Plan for the Rohingya refugee situation in Bangladesh is only 26 per cent funded.“Additional international support is needed to step up the assistance from purely humanitarian and day-to-day support towards medium-term and developmental assistance” said Mr. Yaxley, echoing the High Commissioner’s message.