Punjab Chemicals & Crop Protection has fulfilled all conditions of the One Time Settlement (OTS) approval received from State Bank of India (SBI) against the credit facilities availed by the company and has repaid the entire amount under OTS proposal as per the stipulations contained therein.
As per the terms of OTS, the company was to pay Rs 45.50 crore and sale proceeds from the 150,000 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).
Accordingly, the company has repaid the settled amount against the credit facilities availed from SBI and no further dues are payable to them.
Related Punjab Chemicals & Crop Protection Ltd. Links: