Waterbase Ltd has informed BSE that, pursuant to the powers granted by the Board of Directors at their meeting held on October 29, 2015, the management has considered and accepted the One Time Settlement (OTS) approval received from Canara Bank for settling all the outstanding dues. As per the terms of the OTS, the Company shall settle the dues to Canara Bank by paying Rs. 7.80 Crores, which includes interest.
Towards this settlement, the Company has made an initial payment of Rs. 4 Crore on November 18, 2015. The Balance amount will be settled by the Company within the time frame granted by Canara Bank under the OTS which is within December 09, 2015.
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