(Bloomberg) — Peninsula Land Ltd., an Indian property developer, blamed overdue rent from Prime Minister Narendra Modi’s government for missing a 23.5 million rupees ($330,000) debt payment.It couldn’t pay State Bank of India on time because India’s tax departments, which had leased office space from Peninsula, were delaying rent payments, the company said in a filing on Thursday. The loan used rent receipts as collateral, a facility where the rent often goes straight to the bank rather than to the property owner, it said.Peninsula used its own resources to pay the loan and “regularized” the account, the company said, in …read more
Source:: Yahoo Finance
