August 29, 2017 / 5:48 AM / a year ago

BRIEF-Kamat Hotels (India) gets approval from Canara Bank for one time settlement proposal

Aug 29 (Reuters) - Kamat Hotels (India) Ltd

* Says gets approval from Canara Bank for one time settlement proposal Source text: [Kamat Hotels (I) Limited has informed the Exchange regarding ‘Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that the Company has received an approval from Canara Bank approving the One Time Settlement proposal (OTS). The details as required under regulation 30 are given below:A. Reason for opting for One Time Settlement:The Reason for opting OTS is that the company has been facing cash flow mismatch due to which the debt has become a Non- Performing Asset.B. Brief Summary of the One Time Settlement:Entire repayment under OTS to be completed in two installments which shall be paid latest by 1st week of October, 2017. ‘.] Further company coverage:

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