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Board of Sheshadri Industries approves OTS with SBI and Andhra Bank

Capital Market 

At meeting held on 06 November 2019

The Board of Sheshadri Industries at its meeting held on 06 November 2019 has accepted the One Time Settlement received from the company's Bankers namely SBI & Andhra Bank.

The SBI One Time Settlement Letter dated 30 September 2019 and Andhra Bank One Time Settlement Letter dated 27 December 2018 (Received on 09 January 2019), both this letters were subject to compliance of making some initial payments by company to the Bank failing which the One Time Settlement were to be rendered infructuous. The Company has complied with such conditions and the One Time Settlement been effective now, the Board of Directors took note of the same and confirmed to the Banks.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 19:50 IST