Advik Laboratories has received approval to sell manufacturing unit of the company situated at Mewat, Haryana (i.e. the Land and Building and Plant and Machinery of the Company on as is whereis basis) in order to settle the loan obtained from Indian Overseas Bank (IOB) pursuant to One Time Settlement (OTS) sanction letter received from IOB. The Board of Directors of the Company at its meeting held on August 23, 2019 has approved the same.
The Company's Account with IOB has become Non-Performing Assets (NPA) & the Company had submitted the OTS proposal to IOB which has been approved by IOB & the said Bank had vide its sanction letter has agreed to settle the outstanding loan of Rs 12.50 crore at Rs 8.30 crore as per the terms and conditions of the said OTS. The net proceeds from the sale of the said Manufacturing unit will be utilized to repay the existing outstanding loans and accrued interest thereon.
Advik Laboratories has been set up from the ground level with the avowed objective of achieving USFDA standards of quality.