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  • Sand Esra Letter

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    Sandesraletter

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    Sandesraletter

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    17K visualizzazioni3 pagine

    Sand Esra Letter

    Caricato da

    Moneylife Foundation
    Sandesraletter

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF o leggi online su Scribd
    Segnala contenuti inappropriati
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    SANDESARA GROUP 16-07-20 Dy.General Manager Union Bank of India (eAndhra Bank) Mumbai Re: One-time Settlement of Sterling Group under an offer of settlement for each of the Group Companies including Sterling Biotech Limited (SBL) Dear Sit, (On the subject we refer to the last consortium meeting of the Lenders held on 3° July 2020 in which I vias also asked to participate and | thark you once again for inviting me to expan the entre poston ofthe settlement and the group palicy onthe setlement. I hope I have putforward very candidly and would ike to confirm again that I personally and Stering Group as wall stand committed to fulfl the OTS of the SBL undo the leadership of yaur bank 35, well as other group companies for wich too we have made settlement. Regarding the settlement of the SBL, Iwould tke to submit as under along with my proposal for the full settlement of the OTS amourt as is already sanctioned by all the bank. 1, We have submitted our proposal for OTS in July 2018 and the Terms of the OTS offer was te pay 10% on santion in two tranches of 5% each and 99% to be paid within ‘sh months after the sanction is received from all the banks. 2. Many barks had sanctioned starting from November 18 until May 19, but the few banks sanctions were stuck, and the last sancton given to us was in February 2020. 3. According to this the OTS amount we should have paid in six monthe and if you kindly look at the minutes of the consortum meetng of November and December 2019 It was resolved that bank will apply to Suprame Court and get the extension up to June 2020 torepay. 4. Itt so happened that in the Supreme Court on being asked by the Honorable Judge, the Lawyer representing banks consented that banks are okay to receive by 31 March 2020. 5. In Fekruary with the request to allow time for one year and we were listed to be heard on 27® March 2020 but due to Pandemic the matter gat postponed until recently heard in June wherein company has been asked to consult with the barks and present the feasbie final plan of OTS and status quo ordered. 6. Inline of this requirement from the Honorable Supreme Court and also censidering the current ongoing Pandemec situation, we are of the opinion that the normalcy of the operation would sill take time until end of this year. SANDESARA GROUP “Tg toon tars Pos Caney intel 5 nf et in wd ip hgea ta sne fo so eae fnsladegaaingos wana Om 7. We are already in touch with the investor who fortunately is still prepared to go ahead with the acquisition of the assets on the OTS price so we will need time to settle the ‘amount and as for discussion with the investor, we have the confidence and indication that it would be completed in 2021. 8. Therefore, we propose that the total amount of the OTS for the SBL which stands at Rupees 2638 Crores will be full paid by December 2021. Therefore, in the Honorable ‘Supreme Court we should ask for a time until December 2021 to pay the full amount. 9. We had eariier paid Rupees 181 Crores to different banks the details of which is already ‘with the bank and each bank is holding on the money in their book under their escrow to finally settle against the OTS. 410, We have further paid Rupees 102 crores respectively to Andhra Bank and State Bank of India thus @ totel of Rupees 204 Crores is also lying with both the banks, 11. We request that the Rupees 204 Crores may please be distributed to al SBL lenders bby Andhra bank and SBI first completing the 10% for all the banks and then the remaining proportionately to the remaining banks. 12. We also request that there is an amount more than Rupees 130 Crores lying in the ‘current account of SBL with Andhra bank and this amount may also be distrbuted after keeping Rupees 10 Crores as the cash belance and the seme shall be also

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