At meeting held on 28 May 2015
Punjab Chemicals & Crop Protection announced that the Board of Directors of the Company at its meeting held on 28 May 2015, has noted and considered the One Time Settlement (OTS) approval received from State Bank of India (SBI) for the outstanding dues including interest. The Board of Director after deliberations has decided to go ahead with the aforesaid OTS approval.As per the terms of OTS, the Company has to pay Rs. 45.50 crore and sale proceeds from 1,50,000 Equity Shares of the Company pledged exclusively with SBI by Shalil Shroff, one of the Promoters of the Company against the total outstanding dues of Rs. 94.85 crore including interest.
The Company has paid the initial amount of Rs. 11.38 crore. The said OTS is subject to fulfillment of conditions as mentioned in OTS approval. The offer of OTS is valid upto 30 June 2015.
Powered by Capital Market - Live News
