PC Jeweller secures PNB approval for one-time settlement of dues 

 The brand highlighted the withdrawal of a petition from the National Company Law Tribunal (NCLT) by SBI and the favourable consideration of its OTS proposal by the banks as positive developments 

Mumbai: PC Jeweller Ltd announced on Sunday that it has received approval from Punjab National Bank (PNB) for a one-time settlement (OTS) of its outstanding dues. This approval was conveyed in a regulatory filing, where PC Jeweller noted that PNB, the third largest bank in the consortium after State Bank of India (SBI), has agreed to the OTS proposal submitted by the company. 

The jewellery company opted for the OTS to settle its dues with a consortium of banks. The approved OTS terms and conditions include components of cash and equity payments, the release of securities and mortgaged properties, among other stipulations. However, PC Jeweller did not disclose the total outstanding dues or the specific details of the OTS. 

In an investor presentation in late May, PC Jeweller had highlighted the withdrawal of a petition from the National Company Law Tribunal (NCLT) by SBI and the favourable consideration of its OTS proposal by the banks as positive developments. “The company has again started focusing on increasing its brand presence and has initiated marketing efforts, which are showing a visible impact in the ongoing quarter,” the presentation stated. 

As of March 31, 2024, PC Jeweller maintains a network of 60 showrooms, including six franchisee showrooms across 44 cities in 15 states in India. The company emphasized that its core strengths, such as manufacturing and designing capabilities, skilled staff, and robust customer policies, remain intact. 

PC Jeweller is also working on revamping various aspects of its business operations, including launching new jewellery collections, enhancing its franchisee business, and optimizing costs. The company is committed to bolstering its market presence and operational efficiency in the coming quarters. 

Retail Jeweller India News