Datang Environment (01272) issued an announcementslotsbonusAfter signing the minutes of the meeting related to the settlement agreement on March 31, 2023, Technology Engineering Company, Technology Engineering India Company and Tamil Nadu Company (the parties) agreed, among others, to pay the first payment of the repayment amount under the settlement plan within 90 days after receiving approval of the settlement plan from the National Company Law Tribunal.
On June 27, 2023, the parties further signed a settlement agreement, which was submitted to the National Company Law Tribunal for approval as an appendix to the Tamil Nadu Company Settlement Plan. The settlement plan can be implemented only after it is approved by the National Company Law Court.
On May 14, 2024, the National Company Law Appeal Tribunal, the superior body of the National Company Law Tribunal, approved the settlement plan (approved by the National Company Law Appeal Tribunal) and made a decision on May 17, 2024.slotsbonusThe decision included the approval of the National Company Law Appeal Tribunal. According to the approval of the National Company Law Appeal Tribunal, the settlement plan should be implemented and the first payment paid within 90 days from the date of approval by the National Company Law Appeal Tribunal.
As disclosed in the March 2023 announcement, after the settlement plan was concluded and the minutes of the meeting were signed, it is estimated that the Company's profit before income tax in 2023 will increase by approximately RMB32.8 million, excluding the impact of exchange rate fluctuations (originally estimated financial impact). However, as approval was obtained by the National Company Law Appeal Tribunal in 2024, the original estimated financial impact was not reflected in the Company's financial statements for the year ended December 31, 2023, but the impact is expected to be reflected in the Company's financial statements for the year ended December 31, 2024.
Therefore, if the impact of exchange rate fluctuations is not taken into account and after the settlement plan is implemented, it is estimated that the Company's 2024 profit before income tax will increase by approximately RMB37.8 million as of the date of this announcement. The difference between the financial impact and the original estimate was mainly due to the difference in the exchange rate used in the March 2023 announcement and the accrued interest on the repayment amount.