Rolex Rings has received communication from Union Bank of India demanding Right of Recompense (RoR) amount of Rs. 227.86 crore on behalf of consortium member banks.
The company said, "We believe that the said demand from the Bank is not in line with the Master Restructuring Agreement as well as other agreements, executed with the Bank. We have refuted the basis for computation of RoR and have already communicated the same to Union Bank of India and other consortium banks too. We continue to engage with Union Bank of India and other consortium banks for settlement of RoR in an expeditious manner. We are also seeking external advice on the matter and will keep informed regarding any material developments in the matter. "
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