Policy for providing relief to customer(s) having regard to the widespread impact of COVID-19 pandemic and in terms of the directions issued by RBI vide circular dated the March 27, 2020.

The Board of Directors of SICOM Ltd has approved a Policy for providing relief to customer(s) having regard to the widespread impact of COVID-19 pandemic.

The salient features of the policy are as under:

1. Rescheduling of Payments

Term Loans* In respect of all term loans, SICOM Ltd shall grant a moratorium of three months on payment of all instalments (Principal and/or interest components ) falling due between March 1, 2020 and May 31, 2020. The repayment schedule for loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

2. Classification as Special Mention Account (SMA) and Non-Performing Asset (NPA)

2.1 Since the moratorium is being provided specifically to enable the borrowers to tide over economic fallout from COVID-19, the same will not be treated as concession or change in terms and conditions of loan agreements due to financial difficulty of the borrower under paragraph 2 of the Annex to the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 ("Prudential Framework"). Consequently, such a measure, by itself, shall not result in asset classification downgrade.

2.2 The asset classification of term loans which are granted relief as above shall be determined on the basis of revised due dates and the revised repayment schedule. Similarly, the SMA status shall be evaluated considering the revised terms, as provided above.

3. Reporting to Credit Information Companies*

The rescheduling of payments, including interest, will not qualify as a default for the purposes of supervisory reporting and reporting by SICOM Ltd to Credit Information Companies (CICs). In the event of any discrepancy in the policy as above and the provisions of the above referred RBI Circular dated the March 27, 2020, the provisions of the said RBI circular shall prevail. Clients may seek further clarification, if any from the official of SICOM LTD, dealing with their case. Managing Director, SICOM Limited

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