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Tilaknagar Industries Ltd Capital/Financing Update 2019
60357_rns_2019-11-27_f31c3845-5a04-48db-8a88-e0b8ff0c4a8f.pdf
Capital/Financing Update
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ONLINE FILING
Ref: TI/BSE/COMP/ 19-20/62
November 27, 2019
To, The Manager (Listing), BSE Limited, P.J. Towers, Dalal Street, Mumbai - 400 001 Ph: 022 2272 1233/34 Fax: 022 2272 3719
Sub: Intimation regarding One Time Settlement o f State Bank of India's Dues pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015 Ref: Scrip Code - 507205
Dear Sir/Madam,
We wish to inform you that the Board of Directors has, in its Meeting held on November 27, 2019, granted its consent for agreeing to the compromise settlement erms contained in the letter d ated November 16, 2019 issued by State Bank of India accepting One Time Settlement (OTS) offer of the Company. Details of the same, as required pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, are furnished herein below:
A) REASONS FOR OPTING FOR OTS
The Company opted for One Time Settlement as the Company's Account has been classified as NPA by the Bank.
B) BRIEF SUMMARY OF THE OTS
As per the OTS, the Company shall settle the dues to the Bank by p aying Rs. 102 Crores (OTS amou nt) towards full and final settlement of the total dues of Rs. 287.18 Crores payable to the Bank as per Company's records.
Kindly acknowledge the receipt and take the same on your record.
Thanking you,
Yours faithfu lly,
Corp. Office: Industrial Assurance Building, 3rd Floor, Churchgote, Mumbai, Maharashtra - 400 020, Indio P +91 (22) 2283 1716/18 F +91 (22) 2204 6904 E [email protected]
Regd. Office: P.O. Tiloknogor, Toi. Shrirompur, Dist. Ahmednogor, Maharashtra · 4 1 3 720 Indio p +91 (2422) 265 123 I 265 032 F +91 (2422) 265 135 E [email protected]