Corporate Guarantee furnished on behalf of subsidiary not significant
Aksh Optifibre announced that in the matter related to the Hon'ble High Court of Rajasthan admitting a winding up petition against the Company, being Corporate Guarantor, for the alleged / disputed liability of its subsidiary, the amount of Corporate Guarantee furnished by Company on behalf of its subsidiary, i.e. APAksh Broadband, is to the tune of Rs. 5.40 crore only.Considering the present financial position of the Company the amount is not significant and Company is confident to resolve the matter in best interest of all Stakeholders.
The Company in consultation with its legal counsels has already initiated appropriate legal recourse to challenge the said order.
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