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| Exchange Disseminated Time 19/01/2017 14:15:36 | Hindustan Everest Tools Ltd has informed BSE about the following:
"Please note that on 18/01/2017 company has been served a notice dated 13/01/2017 by Company's Banker M/S Uco Bank, New Delhi under Section 13(2) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 to pay within 60days from the date of the notice a sum of Rs. 766.20 lakhs which includes interest and principal (outstanding in Cash credit and PCL/FBP) calculated till 10/01/2017 along with future interest and cost till final payment/realization of entire outstanding.
In this regard it may please be noted that management has already initiated certain necessary action to pay off above said due of Uco Bank. According to it company has applied for permission of the said bank to sale of certain part of assets of the company as the same have now become redundant due closure of its manufacturing activities at plant at Sonepat(HR) {informed to BSE through online submission under Reg 30 of SEBI (LODR) 2015 vide transaction Number 12102016390972 dated 12/10/2016}. The sale proceed received from such will be given to the Bank. Besides this company is in process to dispose of other surplus assets to repay the entire outstanding of the Bank.
It is expected that these actions shall fructify very soon.
It may be noted that the realizable value of the surplus assets of the company are sufficient enough to pay off its all existing liabilities." |
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