Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors vide their meeting held today have decided to close the Spinning section comprising of 14352 spindles and related equipments situated at Asarwa Mills, Ahmedabad, Gujarat together with all its tangible assets w.e.f. 15th September, 2017.
The Company has taken the approval of the members for the sale/disposal of its Spinning section comprising of 14352 spindles and related equipments together with all its tangible assets through Postal Ballot. The net proceeds from the sale will be utilized to repay the existing term loans to reduce interest cost of the Company and for payment of retrenchment compensation.
Source : BSE