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| Exchange Received Time 04/10/2017 17:51:33 Exchange Disseminated Time 04/10/2017 17:51:38 Time Taken 00:00:05 | This has reference to our disclosures dated 4th & 23th August, 2017 in relation to the special leave petitions filed by Jagran Prakashan Limited (JPL)and others before the Supreme Court of India against the order of the Division Bench of the Allahabad High Court staying the operation of the order of the Ld. Single Judge of the Allahabad High Court dated September 22, 2016 approving the Scheme.
JPL and others have agreed to pay a sum of Rs. 20 million and the balance amount by way of Bank Guarantee to Phonographic Performance Limited ('PPL') in relation to its outstanding disputed claim of Rs. 42.91 million (the 'Claim'), subject to adjudication of suit filed by PPL for the Claim. Accordingly, in terms of the order of the Supreme Court of India dated September 15, 2017, the appeals filed by PPL before the Division Bench of the Allahabad High Court against the Scheme Approval Order are disposed of 'as not pressed' and consequently, the aforesaid civil appeals are also disposed of.
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