GHCL Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (LODR) Regulations 2015'.
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GHCL Employees Stock Option Trust (ESOS Trust) has entered into a settlement deed with a broker to resolve all litigations pending before various judicial forums. Under the settlement, the ESOS Trust is entitled to receive 7,45,966 equity shares of GHCL Limited and 8,56,466 equity shares of GHCL Textiles Limited. Upon receipt, the ESOS Trust will dispose of these shares and remit the net proceeds (after taxes) to the company. Both the company and the ESOS Trust will account for this as per applicable accounting norms.
The settlement closes long-pending litigation for the ESOS Trust. Once the shares are received and sold, the company will receive proceeds, which could positively impact its financial position, though the exact amount depends on prevailing market prices.