The Company had availed financial assistances from IDBI Bank Ltd. Company was in discussion with IDBI for OTS and sent its proposal to IDBI. IDBI has accepted the Companys proposal vide its acceptance letter no. IDBI/NMG/A2Z/394/2022-23 dated 15.12.2022. The members of the Board of Directors of Company has approved the same through resolutions passed by circulation on 15.12.2022 for a deferred OTS Consideration of INR 23.58 Cr. as full and final settlement against the total fund base outstanding amount of INR 134.27 Cr. as on 1st September 2021 Further an amount of INR 0.44 Cr will be made towards the margin money for the outstanding Bank Guarantee (BGs).Out of INR 24.02 Cr Company has paid INR 5.69 Cr. and remaining amount of INR 18.33 Cr. shall be made in installments on or before September 01 2023. Further a cure period of 3 months is available to Company for payment of any of the installments along with interest @10% or prevailing 1 year MCLR + 2 whichever is higher.
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