Olympic Cards Ltd Sells Property for Rs.18 Crores to Clear Long-Pending Dues

Olympic Cards Ltd has sold a property at Kannigaiper Village for a total consideration of Rs.18.00 Crores. The sale is aimed at clearing overdue amounts to banks and financial institutions, statutory dues payable to various authorities, and long-pending dues payable to suppliers. The move is expected to reduce finance costs, penalties, and fines payable on overdue amounts, thereby improving the overall performance of the company. The buyer is not a related party under the Companies Act, 2013 and Securities and Exchange Board of India (LODR) Regulations, 2015. The day-to-day operations of the company will not be negatively impacted by this sale.