CALCUTTA, MARCH 16: Shaw Wallace & Co Ltd offered to make modifications in the repayment scheme drawn up for its 189 creditors at a court-scheduled meeting with them today. The meeting with the 120 creditors who turned up today was adjourned till April 7, so that all the companies including SWC can get back to their boards.The company has said it owes 178 creditors Rs 194.08 crore by way of inter-corporate deposits and bill-discounting finance as on November 30, 1997. At the meeting, which was closed to the media, SWC offered to make some changes to the repayment scheme submitted to the Calcutta high court on December 18 last year. SWC now proposes to pay a simple interest of 15 per cent per annum on dues from April 1, 1997. The earlier plan had said creditors will not get any interest after June 30, 1996. The company also said that all creditors owed up to Rs 10 lakh will be paid in one instalment within seven days from the effective date against the six months proposed earlier.
SWC drew up thecompromise plan in response to a winding-up petition filed Hindustan Development Corp Ltd, the first of 98 creditors who took this step.
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