Mcleod

At the company's annual general meeting (AGM) on Monday, Khaitan gave an overview of operations and the future roadmap for the company

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

The appeal is listed for hearing on August 25

After hefty provisioning for inter-group loans, the Khaitan-managed company says it is back on track. But who will be in control from here on remains an open question

The move comes at a time when the company is facing severe financial stress and is approaching the banks for loan restructuring

Separate memoranda of understanding (MoUs) have been executed with Rwanda Tea Investments for the Rs 140-crore deal (approximate)

The firm is also in talks with Alibaba and other e-commerce companies to launch packet tea on the online platform globally