Ludhiana-based SEL Manufacturing has been facing financial difficulties because of aggressive expansion undertaken over the years. Mumbai: SEL Manufacturing Co. Ltd, a textiles maker, has become the first company in the second list of corporate defaulters identified by the Reserve Bank of India against which bankruptcy proceedings have been filed, according to two people aware of the matter. An email sent to SEL Manufacturing did not elicit any response. At the end of March 2017, SEL Manufacturing had a debt of Rs4,275 crore. Ludhiana-based SEL Manufacturing has been facing financial difficulties because of aggressive expansion undertaken over the years.

Source: Mint October 23, 2017 18:49 UTC