RPG Life Sciences terminates lease agreement with Hindustan Antibiotics Ltd

RPG Life Sciences Ltd has announced that, pursuant to the settlement agreement entered into with Hindustan Antibiotics Ltd (HAL), the lease agreements with HAL and other lease related agreements stand terminated in entirety effective from February 15, 2006.

The aforesaid lease and other lease related agreements would have otherwise remained in force tilt December 2015. Consequent to earlier determination of the said agreements, the company would save about Rs 4.80 crores per year.

The board of directors at its meeting held on October 30, 2006 has taken on record the terms of settlement.

Source : Equity Bulls

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