Syschem (India) Limited has provided an update regarding its settlement agreement with M/s Lotus Builders. The company has paid the full and final settlement amount of ₹1,25,00,000 (Rupees One Crore Twenty-Five Lakhs Only) in accordance with the terms of the settlement agreement.
Following this payment, the company will initiate necessary proceedings and file appropriate applications/documents before the Hon'ble National Company Law Tribunal (NCLT) for withdrawal/disposal of the pending matter, in accordance with applicable procedure.
The company has committed to keeping the Stock Exchange informed of any further developments and will make necessary disclosures upon the passing of the appropriate order by the Hon'ble NCLT disposing of the matter.
This disclosure is made under Regulation 30 of the SEBI (LODR) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.
Annexure A Details
- Name of the Parties: M/S Lotus Builders and Syschem (India) Limited
- Brief details of dispute: Matter related to settlement agreement entered into between M/S Lotus Builders and Syschem (India) Limited, as previously intimated to the Stock Exchange
- Current status of the case: The Company has paid the full and final settlement amount of ₹1,25,00,000/- (Rupees One Crore Twenty-Five Lakhs Only)
- Next Status: Filing of appropriate applications before the Hon'ble NCLT for withdrawal of the pending matter
- Expected financial implications: Settlement amount of ₹1,25,00,000/- paid in full and final settlement, in accordance with the settlement agreement
- Further updates: The Company shall intimate the Stock Exchange upon further developments, including the passing of the appropriate order by the Hon'ble NCLT