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The board of directors of Tilaknagar Industries on Wednesday granted its consent for agreeing to the compromise settlement terms proposed by State Bank of India (on November 14) accepting the one-time settlement offer of the company. Tilaknagar has opted for OTS as the company’s accounts have been classified as NPA by the bank. According to the proposal, the company will settle the dues to the bank by paying ₹102 crore (OTS amount) towards full and final settlement of the total dues of ₹287.18 crore payable to the bank as per the company’s records. The stock on Wednesday closed 19.86 per cent higher at ₹17.14 on the BSE.
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