Gokak Textiles to sell its Knitwear business

Gokak Textiles Ltd has informed BSE about the following:1. The Company is engaged, inter alia, in the business of Knitwear (Apparels), the manufacturing unit of which is located at the Village Marihal, Dist Belgaum, Karnataka State. For the 18 months period ended September 30, 2012, total sales of Knitwear was Rs. 26 crores i.e. 5.45% of the total revenue from operations for that period. 2. The Meeting of the Board of Directors of the Company held on October 16, 2013, the Directors have resolved to locate a buyer and to sell the said Knitwear Business. Book value of the fixed assets of the business as on September 30, 2013 was Rs. 16 Crores. 3. The Company will now initiate a process, to seek approval of the Shareholders of the Company, to the proposal, pursuant to the requirements of provisions of Section 293 (1) (a) of the Companies Act, 1956, corresponding Section 180(1)(a), of the Companies Act, 2013, through a Postal Ballot.Source : BSE

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