Nitco Recovers ₹9.96 Crore Decade-Old Capital Advance

NITCO LIMITED

Key Event Details

Nitco Limited ("the Company") had provided a capital advance to Saumya Buildcon Private Limited ("SBPL") more than a decade ago. The purpose of the advance was for the procurement of land. The proposed land transaction did not materialize, which resulted in the capital advance remaining outstanding from SBPL.

Recovery and Settlement

As part of its ongoing efforts towards recovery and regularization of long-outstanding advances, the Company has now received the entire outstanding balance from SBPL. The amount received is Rs. 995.98 Lakhs (₹9.96 Crore). Consequently, the capital advance has been fully recovered and settled as of the date of this letter. No amount remains outstanding from SBPL in respect of this advance.