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Sakthi Sugars informs about company updates

23 Dec 2015 Evaluate

Sakthi Sugars has informed that they have, vide letter dated October 06, 2015, informed that the Company is in active discussion with Bondholders having majority of FCCB (Series B) for a possible compromise for settlement without involving any conversion of bonds into equity shares through the Honorable High Court of Judicature at Madras. They have reached an amicable settlement. The Hon'ble High Court, Madras has on 21.12.2015 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 March 31, 2016, subject to the approval of Reserve Bank of India, and that the Scheme of Arrangement filed by the Company Application No.183 of 2015 stands withdrawn.

The above information is a part of company’s filings submitted to BSE.

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