We wish to inform you that the Board of Directors has in its Meeting held on November 27 2019 granted its consent for agreeing to the compromise settlement terms contained in the letter dated November 16 2019 issued by State Bank of India accepting One Time Settlement (OTS) offer of the Company. Details of the same as required pursuant to Regulation 30 of the SEBI (LODR) Regulations 2015 are furnished herein below:
A) REASONS FOR OPTING FOR OTS
The Company opted for One Time Settlement as the Companys Account has been classified as NPA by the Bank.
B) BRIEF SUMMARY OF THE OTS
As per the OTS the Company shall settle the dues to the Bank by paying Rs. 102 Crores (OTS amount) towards full and final settlement of the total dues of Rs. 287.18 Crores payable to the Bank as per Companys records.
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