Announcement
Awaiting price reaction for this filing.
Silverline Technologies has settled a long-running legal dispute with Apex Urban Co-operative Bank (in liquidation) through Consent Terms recorded before the Bombay High Court. The original claim of ₹35.98 Crores (arbitration award plus 12.5% interest and costs) was reduced to a full and final settlement of ₹26.00 Crores, saving the company nearly ₹10 Crores (~28% reduction). Of this amount, ₹7 Crores has already been paid (₹2 Cr in April 2024 and ₹5 Cr in May 2025), with the remaining ₹19 Crores to be paid in five tranches via post-dated cheques between October 10 and November 20, 2025. All civil and criminal proceedings, including those under the Negotiable Instruments Act, have been withdrawn by the judgement creditor, and the company will receive a No Dues Certificate after final payment. The Board approved the settlement on September 4, 2025.
Removes a major legacy contingent liability and provides full legal closure, which should improve the company's financial visibility for lenders and rating agencies. The structured payment schedule over the next two months means a clear path to a clean balance sheet, though the ₹19 Cr outflow represents a meaningful cash commitment for a small-cap company.