Satchmo Holdings has informed that further to announcement on April 17, 2023 where it had received in principle OTS (Onetime settlement) from an ARC, the Comapany had paid Rs 15 Crores as per Compliance through the Court Settlement and the entire OTS was to be settled by Oct 23. It has sought for extension of 12 months for repayment of balance outstanding as there has been delays in NOCs from counter parties as well as ongoing litigations/injunctions in various Courts in specific property matters. In the meantime, we have received an email from ARC on November 23, 2023 revoking the said OTS. It has been in constant touch with the ARC and given them a new resolution plan on the specific timelines and continue to engage with them to have the said OTS extended by 12 months.
The above information is a part of company’s filings submitted to BSE.
