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| Exchange Disseminated Time | Punjab Chemicals & Crop Protection Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 28, 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. 4550 Lacs and sale proceeds from 1,50,000 Equity Shares of the Company pledged exclusively with SBI by Sh. Shalil Shroff, one of the Promoters of the Company against the total outstanding dues of Rs. 9485 Lacs including interest.
The Company has paid the initial amount of Rs. 1138 Lacs. The said OTS is subject to fulfillment of conditions as mentioned in OTS approval. The offer of OTS is valid upto June 30, 2015. |
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