Tilaknagar Industries Ltd updates on settlement agreement with Standard Chartered Bank

A settlement agreement has been entered and executed between Tilaknagar Industries Ltd. (Corporate Guarantor in agreements between Prag Distillery Pvt. Ltd. (a wholly owned subsidiary of Tilaknagar Industries Ltd) & Standard Chartered Bank) & Mr. Amit Dahanukar (Personal Guarantor in agreements between Prag Distillery Pvt. Ltd. & Standard Chartered Bank) on one part AND Standard Chartered Bank on the other part.

Terms of agreement:

- Tilaknagar Industries Ltd. (Corporate Guarantor) undertakes to settle the outstanding dues on behalf of its wholly owned subsidiary Prag Distillery Pvt. Ltd. and settle all the pending disputes with Standard Chartered Bank. Standard Chartered Bank agrees to accept the full and final settlement of USD 2,000,000 in tranches, against total dues amounting to USD 2,398,956.44.

- Upon full payment of all the dues under this Settlement Agreement in accordance with the agreement, the Guarantors will be discharged of their financial obligations under Guarantee Documents and Prag Distillery Pvt. Ltd. will be discharged from its financial obligations under the Finance Documents.

Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs.17.6 as compared to the previous close of Rs. 17.4. The total number of shares traded during the day was 15653 in over 83 trades.

The stock hit an intraday high of Rs. 17.9 and intraday low of 17.2. The net turnover during the day was Rs. 275048.

Source : Equity Bulls

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