New Delhi: PC Jeweller Ltd announced on Sunday that Punjab National Bank has approved a one-time settlement of its unpaid debts. PC Jeweller announced that Punjab National Bank, the third largest consortium bank in terms of exposure, approved the company's One Time Settlement proposal.
PC Jeweller chose the One Time Settlement option to clear its unpaid debts with a group of banks. The filing stated that the approved OTS includes cash and equity components to be paid for settlement, release of securities, and mortgaged properties as per terms and conditions.
PC Jeweller failed to disclose the outstanding balances with every bank and the specifics of any one-time settlements (OTS). During a presentation to investors in late May, PC Jeweller noted that the National Company Law Tribunal (NCLT) petition withdrawal by SBI and the banks' favorable consideration of its OTS proposal are both positive advancements.
The company stated that it has once again turned its attention towards enhancing its brand visibility and has initiated its marketing efforts accordingly, which is showing noticeable results in the current quarter. As of March 31st, 2024, the company still has a broad network of 60 showrooms, which includes 6 franchisee showrooms, situated in 44 cities spanning 15 states in India.
PC Jeweller stated that the Company's manufacturing and designing capabilities, facilities, skilled staff, soft skills, and customer policies are still strong. According to the presentation, the company is also redesigning all other parts of its business operations like getting ready to release new jewelry collections, renewing its franchise business, cost optimization, and more.
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