The Board approved the closure of the Wholly Owned Subsidiary of the Company by way of application of Strike Off.
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The Board of Calcom Vision Ltd approved the closure of its wholly owned subsidiary, Calcom Kadapa Private Limited, by applying to the Registrar of Companies to strike off its name under Section 248 of the Companies Act, 2013. The subsidiary had not commenced any business, operations, transactions, or activities since its incorporation and was not a material subsidiary. Its contribution to the company's turnover, revenue, and net worth is nil. The company clarified that this closure will not affect its revenue or business operations.
This is a routine housekeeping move with no financial impact on shareholders since the dormant subsidiary never generated revenue or held meaningful assets. Investors are unlikely to see any material effect on the stock price.