Varvee Global Withdraws Credit Rating Due to 'Issuer Not Cooperating'
Varvee Global Limited (formerly Aarvee Denims and Exports Limited) has informed exchanges that Infomerics Valuation and Rating Pvt. Ltd. has withdrawn the credit rating assigned to the company's fixed...
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Why is VARVEE GLOBAL LIMITED in the news today?
VARVEE GLOBAL LIMITED (VGL) is in the news due to the withdrawal of credit rating due to 'issuer not cooperating' indicates a negative development for the company, suggesting potential issues with regulatory compliance or transparency with the rating agency.
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Varvee Global Withdraws Credit Rating Due to 'Issuer Not Cooperating'
December 31, 2025, 11:38 AM
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Varvee Global Limited (formerly Aarvee Denims and Exports Limited) has informed exchanges that Infomerics Valuation and Rating Pvt. Ltd. has withdrawn the credit rating assigned to the company's fixed deposits and bank facilities. The rating agency cited 'IVR-D (Issuer not cooperating)' as the reason for the withdrawal.
This action follows a communication received from Infomerics on December 31, 2025. The company had previously requested the withdrawal of ratings via a letter dated July 24, 2025. This request was accompanied by 'No Due Certificates' from various banks including State Bank of India, Yes Bank, Standard Chartered Bank, and Tata Capital Limited, as well as an auditor's undertaking regarding no dues in relation to fixed deposits dated December 23, 2025.
Infomerics stated that as per their normal procedure, they will announce the withdrawal of the rating through a press release. They have advised Varvee Global Limited not to use the withdrawn ratings for any purpose henceforth. The rating agency also mentioned that they would be happy to offer their services for any future rating requirements.
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