SBEC Sugar Limited has entered into a one-time settlement agreement with Modi Industries Limited to recover outstanding dues amounting to over ₹141 crore, according to a regulatory filing on February 3.
The company informed the BSE that the agreement-cum-deed of settlement was signed to resolve dues recoverable from Modi Industries Limited against the assignment of debt earlier taken by SBEC Sugar Limited.
The total value of the settlement stands at ₹141,77,38,548, the company disclosed in its filing.
The company also noted that it had nominated its representative, Advocate Vivek Singh, to the board of Modi Industries Limited.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
