Modipon Updates on settlement with IFCI

Modipon Ltd has announced that IFCI vide its letter dated December 28, 2006 approved an One Time Settlement (0TS) and also advised its in principle approval to the proposed Business Restructuring of the company envisaging sale and transfer of the whole of the undertaking of the company pertaining to the chemicals business as a going concern on slump sale basis alongwith certain other assets including the investments by the company in the shares of Quick Investment India Ltd and Good Investment India Ltd, the two wholly owned subsidiaries of the company and the shares of Godfrey Phillips India Ltd held by the Company to Indofil Organic Industries Ltd with effect from October 01, 2006 at a value at not less than Rs 124.66 crores. Subsequently the DRAT vide its order dated December 29, 2006 has also passed a Consent Decree inter-alia settling the disputes of the Company with IFCI regarding OTS of the Company and for the restructuring as aforesaid of the company.

Source : Equity Bulls

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