20 Microns has said that Ascom Carbonate and Chemicals Manufacturing, one of its suppliers, has withdrawn winding up petition filed against it following an amicable settlement.
The winding up case was filed against the company by Ascom for its outstanding amount $8,37,365.94. An agreement was entered into between both the parties and accordingly the company has paid $4,91,000 as the settlement amount to Ascom.
Following this, the winding up petition filed by Ascom was withdrawn and the order has been passed to that effect by the Gujarat High Court on Saturday (June 23). Shares of 20 Microns closed 0.26 per cent lower at ₹38.55 on the BSE.