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Business EconomyPosted at: Jan 15 2019 5:18PM


Essel Propack gets Inter Corporate Deposit

Mumbai, Jan 15(UNI) Essel Propack Limited (Essel) on Tuesday said that the company has received commitment of repayment of outstanding dues of Inter corporate deposit of Rs 96.06 crores (ICD) from Sprit Infrapower & Multiventures Private Limited (Sprit).
Accordingly, an amount of Rs 25.30 crore has already been received towards part repayment along with interest due and Sprit has further agreed to honour the remaining amount on or before March 31, a release said.
Earlier, Essel and Sprit had entered into Inter Corporate Deposit agreement in relation to dues of Rs 96.07 crore payable to Essel.
Sprit was related party as per applicable accounting standard.
Mr Vinay Mokashi, Chief Financial Officer Essel Propack said, ''The company is committed to good Corporate Governance and realisation of these dues shall further strengthen the cash flow of the company or
shall help us to reduce our debt.''
UNI JS NV SB 1722
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Tags: #Essel Propack gets Inter Corporate Deposit
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