Modern Steels has done One Time Settlement (OTS) with Punjab National Bank (PNB). As the company's Account is NPA with Punjab National Bank, it was trying for resolution of its debts with the Bank. Now the OTS confirmation letter has been received from the Bank by the company. As per the OTS, the company shall settle the dues to PNB by paying Rs 30 crore.
Towards this settlement, the company has made an initial payment of Rs 3 crore. The Balance amount will be settled by the company within the time frame granted by PNB under the OTS by July 30, 2019.
Modern Steels caters to the requirements of special & alloy steel, stainless steel, hot rolled bright bars for engineering, automotive, bearing and allied industries.
