Brief: Kamat Hotels (India) gets approval from Canara Bank for one time settlement proposal

Kamat Hotels (India)

29/08/2017 06:45

Aug 29 (Reuters) - Kamat Hotels (India) Ltd  KAMT.NS  
    * Says gets approval from Canara Bank for one time 
settlement proposal 
 
Source text: [Kamat Hotels (I) Limited has informed the Exchange 
regarding 'Pursuant to Regulation 30 of the SEBI (Listing 
Obligations and Disclosure Requirements) Regulations, 2015, it 
is hereby informed that the Company has received an approval 
from Canara Bank approving the One Time Settlement proposal 
(OTS). The details as required under regulation 30 are given 
below:A. Reason for opting for One Time Settlement:The Reason 
for opting OTS is that the company has been facing cash flow 
mismatch due to which the debt has become a Non- Performing 
Asset.B. Brief Summary of the One Time Settlement:Entire 
repayment under OTS to be completed in two installments which 
shall be paid latest by 1st week of October, 2017. '.] 
Further company coverage:  KAMT.NS  
 
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