The civic body, which aims to achieve Rs 4,000 crore as tax collection by November 30, has also begun sealing premises of tax defaulters.
The debt-ridden jewellery company said, under the approved terms and conditions of the OTS, the settlement includes a combination of cash and equity components. Additionally, the proposal involves the release of securities and mortgaged properties held by the banks.
Centre today approved Rs 4,777.05 crore package for closure of state-run Hindustan Cables Ltd, which would be used for paying wages, offering early retirement schemes and converting government loan into equity.
The government is holding two-day 'Gyan Sangam' of bankers at Pune on January 2 and 3 which will conclude with an address by Modi.