Following RBI approval; Gets grant of time for balance payment to bondholders
Sakthi Sugars announced that the Hon'ble High Court, Madras had on 21 December 2015 passed an Order on the Consent Memo filed jointly by the consenting Bondholders and the Company to the effect that the FCCB (Series B) aggregating to USD 11.7 Million will be settled at 65% of the face value on or before 31 March 2016, subject to the approval of Reserve Bank of India (RBI).Sakthi Sugars announced that it has obtained the approval of RBI and made part payment to the Bondholders i.e. 60% of the settlement amount. On application for grant of time for the payment of balance 40% of the settlement amount, the High Court has, vide its Order dated 30 March 2016 granted time till 30 June 2016.
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