In view of the injunction order of the Honorable Madras High Court, the company has decided to abort the proposed stake sale of its CRO business under the brand name "Navitas" to HIG Capital. While the Company reserves the right to appeal against the injunction in the appropriate Court, it will in the meanwhile fully comply with the order of Honorable Madras High Court.
The primary purpose of this transaction was to deleverage of the company; and to comply with its current debt obligations. The discontinuation of the proposed stake sale will compel the company to be in default of its debt obligations.
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