At meeting held on 28 May 2015
Punjab Chemicals & Crop Protection announced that the Board of Directors of the Company at its meeting held on 28 May 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. 45.50 crore and sale proceeds from 1,50,000 Equity Shares of the Company pledged exclusively with SBI by Shalil Shroff, one of the Promoters of the Company against the total outstanding dues of Rs. 94.85 crore including interest.
The Company has paid the initial amount of Rs. 11.38 crore. The said OTS is subject to fulfillment of conditions as mentioned in OTS approval. The offer of OTS is valid upto 30 June 2015.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app