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Modern Steels Ltd. - One Time Settlement (OTS) With Punjab National Bank (PNB)

| Updated on September 15, 2018

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Company has done OTS with the one of the lender Punjab National Bank and details of the same as required are as under:
i. Reason for opting for OTS
As the Companys Account is NPA with Punjab National Bank, Company was trying for resolution of its debts with Bank. And, 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. 30.00 crore(Rupee Thirty Crores only).

ii.Brief summary of the OTS
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 Punjab National Bank under the OTS by 30th July, 2019.

Please take this information on record.

Pdf Link: Modern Steels Ltd. - One Time Settlement (OTS) With Punjab National Bank (PNB)

Source : BSE - www.bseindia.com

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Published on September 15, 2018
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