Date:24/03/2005 URL: http://www.thehindubusinessline.com/2005/03/24/stories/2005032402220300.htm

Back Shaw Wallace, Modi file terms of settlement

Our Legal Correspondent

Kolkata , March 23

SHAW Wallace Co Ltd (SWC) and Mr R.R. Modi on Wednesday jointly filed terms of settlement before the Division Bench of Mr Justice Pinaki Chandra Ghosh and Mr Justice P.N. Sinha of the Calcutta High Court. With this, the interim order for status quo shall be lifted and no embargo now remains in dealing with the shares of SWC.

Mr Modi filed seven execution petitions for realising the decretal amount of over Rs 84 crore with interest from SWC. The matter was settled at a lump sum of Rs 57 crore net.

Out of the Rs 57-crore, SWC shall transfer two flats in Mumbai to Mr Modi towards part payment of settlement amount, and the rest shall be paid from the sale proceeds of its beer business within 45 days.

In the event the realisation of sale proceeds within 90 days is delayed, the settled balance amount shall carry interest at the rate of 12 per cent per year till repayment.