Date:11/03/2005 URL: http://www.thehindubusinessline.com/2005/03/11/stories/2005031101710200.htm

Back Shaw Wallace offers Rs 57 cr to R.R. Modi to settle dues

Our Legal Correspondent

Kolkata , March 10

SHAW Wallace Co Ltd (SWC) has offered Rs 57 crore (net) for settling the dues of R.R. Modi, who had filed six execution petitions for recovery of Rs 80 crore with interest towards the decretal dues.

Counsel appearing for Modi said on Thursday before Mr Justice Kalyan Jyoti Sengupta that SWC was ready to offer Rs 57 crore through a term of settlement.

The court fixed March 22 as the date for settlement, when a term of settlement will be filed.

Visisth Chay Vyapar Ltd, MKD Developers Ltd, MKJ Enterprises Ltd, Hotabhoti Wood Products Ltd, Kamini Finance and Investment Ltd and Apex Enterprises India Ltd, all R.R. Modi group of companies, obtained six separate decrees from the Calcutta High Court against SWC.

Visisth Chay filed an execution petition for recovery of the decretal amount along with five others. The court recorded the undertaking given by SWC Counsel not to go ahead with sale of shares to anybody. The court passed an order maintaining status quo with regard to brand name and trademark of SWC.

On March 22, when the court will accept the terms of settlement, the interim order shall stand vacated and the undertaking given by SWC shall be waived.