Silverline Technologies settles case with Apex Urban Co-operative Bank

Mumbai, Sep 10 (PTI) Silverline Technologies on Wednesday said it has finalised a Rs 26 crore settlement with the Apex Urban Co-operative Bank, ending a long-pending litigation on claims of Rs 35.98 crore.

The company achieved the successful closure of a long-standing legal and financial matter involving Apex Urban Co-operative Bank of Maharashtra and Goa Ltd through a court-recorded full and final settlement, an exchange filing stated.

"The company has already disbursed Rs 7 crore under the settlement and has a balance of Rs 19 crore to be paid in structured tranches, Rs 11 crore in October 2025 and Rs 8 crore in November 2025 through post-dated cheques," the company said.

This resolution eliminates a long-standing liability, strengthens capital structure, and enhances financial visibility with lenders, rating agencies, and investors, Yakin Joshi, Managing Director, Silverline Technologies, said, adding that all civil and criminal proceedings have been withdrawn.

The technology consulting company had reported revenue from operations of Rs 100.08 crore for the April-June quarter of FY26. PTI HG BAL BAL