Date:28/09/2005 URL: http://www.thehindubusinessline.com/2005/09/28/stories/2005092801881900.htm

Back OTS for Hyderabad Flextech

Our Bureau

Hyderabad , Sept. 27

HYDERABAD Flextech Ltd (HFL) has received one time settlement (OTS) approval from the Industrial Development Bank of India (IDBI).

In a communication to the stock exchanges, the company said that the OTS is approved for Rs 5.5-crore against the total dues of Rs 22.07 crore as on March 31, 2005.

In terms of the OTS, the company has to pay Rs 4.25 crore in cash and Rs 1.25 crore through the allotment of shares.

Out of the cash portion of Rs 4.25 crore, 25 per cent (Rs 1.06 crore) has to be paid immediately and Rs 3.18 crore has to be paid in three equal quarterly instalments, commencing from March 31, 2006.

The company said its board of directors would meet during the second or third week of October to consider the OTS of IDBI.