Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sudal Industries has informed that the Company has availed credit facilities from Syndicate Bank from time to time and now the said Bank has got merged with Canara Bank and Canara Bank has through letter dated July 17, 2020, filed an application with the National Company Law Tribunal, Mumbai Bench, as a Financial Creditor for recovery of Rs 73,19,10,655.35 from the Company and to initiate the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code.
The above information is a part of company’s filings submitted to BSE.
