WS Industries cleans disputes

WS Industries is engaged in manufacturing of electro-porcelain insulators, and execution of electrical turnkey projects in the transmission and distribution (T&D) sector.

There was good news from the company. It announced yesterday after market hours that its Board has decided to settle all dues of the Edelweiss Group at Rs.345 crore over a specified period of time and for proposed withdrawal / standstill of all disputes and proceedings before various forums between the Company and Edelweiss Group as agreed with the Edelweiss Group.

Along with that, it has also decided to settle all disputes with Comfortable Abode Private Limited (formerly Mantri Premier Homes Private Limited) and Mantri Developers Private Limited at a sum of Rs.91 crore and cancellation of all the agreements entered into with them and for proposed withdrawal / standstill of all disputes and proceedings before various forums between the Company and the aforesaid entities.

There is also a proposed, one time full and final settlement with State Bank of India to settle all its dues at Rs. 12.53 crore.

For the first time in many years, the company might end FY18 on a positive note and it posted a net profit of Rs.35 crore for 9MFY18 v/s loss of 11 crore (YoY).