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| Exchange Disseminated Time 10/02/2017 15:54:16 | Punjab Chemicals & Crop Protection Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 10, 2017, inter alia, has considered and approved the following:
1. One Time Settlement (OTS) approval received from Central Bank of India for the outstanding dues including interest and waiver of FITL principal amount (maximum upto Rs.3.69 crores).
As per the terms of OTS, the Company has to pay Rs. 16.03 crores against the total outstanding dues of Rs. 19.71 crores including interest and FITL principal amount.
The said OTS is subject to fulfillment of conditions as mentioned in OTS approval.
2. To sell the entire stake in Stellar Marine Paints Limited, an Associate Company.
The Company has 45% stake in the capital of Stellar with 22470 equity shares of Rs. 10/- each. |
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