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| Exchange Received Time 22/11/2018 16:23:59 Exchange Disseminated Time 22/11/2018 16:24:00 Time Taken 00:00:01 | Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we would like to inform you that the Company had already intimated that the Secured Lenders had agreed to implement a Resolution Plan/Compromise Offer for settlement of the dues with them. Pursuant to the same a Memorandum of Understanding (MOU) was executed inter-alia between the Lenders and Company on August 27, 2018.
One of the conditions of MOU was signing of the Definitive Agreement by all the Lenders and the same is still under process.
The company had requested the Lenders for extension of suitable time for implementation of Resolution Plan/Compromise Offer once the Definitive Agreement is signed by all the Lenders. This is necessary because of execution of various regulatory approvals is required to give effect to the Resolution Plan/Compromise Offer.
This is for your information and records
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