Legal8 Sept 2025, 12:40 pm
Orosil Smiths India Ltd. Faces Issues with Property Sale of 27 Crore: Buyer's Cheques Returned Unpaid
AI Summary
Orosil Smiths India Ltd. has informed the Stock Exchange about an agreement entered for the sale of its property in Noida to Mr. Sanidhya Garg for a total consideration of 27 Crore. The agreement included an advance of 5 Crore, 20 crore to be paid through post-dated cheques, and the balance to be paid at the time of registration. However, Cheque Nos. 000881, 000884, 000885, and 000886 (5 Crore each) issued by the buyer were returned unpaid due to insufficient funds, amounting to 20 Crore. The company is actively pursuing the matter with the buyer to protect its interests and will keep the Stock Exchange informed about further developments.
Key Highlights
- Orosil Smiths India Ltd. entered into an agreement for the sale of its property to Mr. Sanidhya Garg for 27 Crore
- The agreement included an advance of 5 Crore, 20 crore through post-dated cheques, and the balance at registration
- Cheques worth 20 Crore returned unpaid due to insufficient funds
- The company is actively pursuing the matter with the buyer
- Further developments will be communicated to the Stock Exchange