W S Industries India Ltd completes final payment to Edelweiss Group

A meeting of the Board of Directors of W S Industries India Ltd was held on 4th January 2022 to review the operations of the Company and general corporate matters which included the following:

- A Memorandum of Understanding has been executed by the Company with its subsidiary M/s. Vidagara Tech Park Private Limited, towards the transfer of land as approved by the shareholders through postal ballot notice dated 25th October 2021.

- The Company has made the final payment under settlement agreements entered into with the secured lenders viz, Edelweiss Asset Reconstruction Company Limited, Allium Finance Private Limited and IDBI Trusteeship Services Limited (acting in its capacity as trustee for and on behalf of the debenture holders of the Company) (jointly "Edelweiss Group"). For this purpose, the company has received an amount of Rs.45,00,00,000/- (Rupees Forty Five Crores Only) from M/s.Vidagara Tech Park Private Limited, against the Memorandum of Understanding entered into on January 4, 2022.

Source : Equity Bulls

Keywords

WSIndustriesIndia LandTransfer VidagaraTechPark DebtSettlement