MSTC has informed about the dispute pending between MSTC and Standard Chartered Bank (SCB) with respect to the receivable purchase agreement dated August 29, 2008 (RPA) entered into by the Company with SCB wherein, SCB purchased the receivables from our Company in relation to the export of gold jewellery and the subsequent order of the Recovery Officer to auction the attached properties of MSTC. As already informed, MSTC has filed a Writ Petition before the Hon’ble Bombay High Court wherein an order dated 02.12.2021 has been passed by the Hon’ble High Court staying the proceedings of the Recovery Officer unconditionally till 04.01.2022, subject to MSTC depositing 25% of the amount with the Court on or before 07.12.2021.
The above information is a part of company’s filings submitted to BSE.
