Singer India finalizes One Time Settlement with Consortium of Bankers

Singer India Ltd has announced that the Company had a meeting with Consortium of Bankers on October 18, 2006 for the settlement of outstanding dues amounting to approximately Rs 26 Crores. Subsequently the bankers have agreed in principle for a one time settlement of Rs 7 Crores subject to the approval of the competent authorities of the respective bankers. The Lead banker viz., State Bank of Travancore has conveyed its approval. This amount is to be settled within 60 days from the date of sanction.

The Board of Directors of the company in their meeting held October 30, 2006 approved the One time settlement with the Consortium of Bankers.

Source : Equity Bulls

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