Sakthi Sugars Ltd has informed BSE that :
'We have, vide letter dated October 06, 2015, informed that the Company is in active discussion with Bondholders having majority of FCCB (Series B) for a possible compromise for settlement without involving any conversion of bonds into equity shares through the Honourable High Court of Judicature at Madras. We have reached an amicable settlement.
The Honble High Court, Madras has on 21.12.2015 passed an Order on the Consent Memo filed jointly by the consenting Bondholders and the Company to the effect that the FCCB (Series B) aggregating to USD 11.7 Million will be settled at 65% of the face value on or before March 31, 2016, subject to the approval of Reserve Bank of India, and that the Scheme of Arrangement filed by the Company Application No.183 of 2015 stands withdrawn.'
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