Waterbase has considered and accepted the one time settlement (OTS) approval received from Canara Bank for settling all the outstanding dues. As per the terms of the OTS, the company shall settle the dues to Canara Bank by paying Rs 7.80 crore, which includes interest.
Towards this settlement, the company has made an initial payment of Rs 4 crore on November 18, 2015. The balance amount will be settled by the company within the time frame granted by the bank under the OTS which is within December 09, 2015.
Waterbase is the largest integrated aquaculture unit in India located in the heart of shrimp country at Nellore in Andhra Pradesh.
