PC Jewellers gets PNB approval for one-time settlement of dues

NewsDrum Desk
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New Delhi, July 7 (PTI) PC Jeweller Ltd on Sunday said that Punjab National Bank has given its approval for one-time settlement of its outstanding dues.

In a regulatory approval, PC Jeweller informed that "Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company." PC Jeweller had opted for OTS to settle the outstanding dues with a consortium of banks.

The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc, the filing said.

PC Jeweller did not mention the outstanding dues with all banks and also the details of OTS.

In an investor presentation in late May, PC Jeweller mentioned that the withdrawal of the petition from the National Company Law Tribunal (NCLT) by SBI and favourable consideration of its OTS proposal by the banks are positive developments.

"The company has again started focusing on increasing its brand presence and has started its marketing initiatives for the same, which is having a visible impact in the ongoing quarter," it had said.

The company continues to maintain a wide network of 60 showrooms (including 6 franchisee showrooms) located in 44 cities spread across 15 states across India as of March 31st, 2024.

"Also, the core strengths of the Company in the form of manufacturing & designing capabilities, manufacturing facilities, skilled staff, soft skills in the form of systems and procedures, customer policies, etc remain intact," PC Jeweller said.

As per the presentation, the company is also revamping all other aspects of its business operations such as preparing to launch new jewellery collections, revamping its franchisee business, cost optimization etc. PTI MJH MR