Rolex Rings Limited — Important, 05-02-2025: General Updates

Rolex Rings Limited has received a demand from Union Bank of India for a Right of Recompense (RoR) amounting to ₹227.86 Crore on behalf of consortium member banks. The company believes this demand contradicts the Master Restructuring Agreement and other agreements in place with the bank. Rolex Rings has challenged the basis for the RoR calculation and is actively engaging with Union Bank and other consortium banks to reach a settlement. Additionally, the company is seeking external advice on the matter, underscoring their proactive approach in addressing this financial issue. Investors should monitor this situation closely, as it may affect the company’s financial stability and relationships with banking partners.