MUMBAI: Following the default on loans by Amtek Automobile, JPMorgan Mutual Fund, which had a direct exposure of Rs 200 crore in the Delhi-based car supplementary firms bonds, has actually guaranteed its financiers that it was taking steps to recover the cash from the business.
On September 14, the fund home proposed to segregate its holdings in Amtek Automobile into a different entity from which no redemption will be permitted. However, it also proposed to permit complete redemption in the remainder of the portfolio of the 2 schemes which had Amtek Car documents. The propositions are currently up for ballot.
On Tuesday, the fund home said it will take every step in pursuing fulfillment of the issuers obligation under this security in the finest interest of the device holders of the plans. In the mail to its financiers, JPMorgan MF said that it will continue to protect the interests of system holders of the schemes and encourage investors to elect the proposed segregation of the assets of the two schemes.