With reference to the above subject matter and Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we hereby notify ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Harish Textile Engineers' board approved the slump sale of its Textile Processing and Finishing Machinery Business to Nfinia Industries Pvt Ltd (a promoter-controlled company) on a going concern basis, subject to shareholder approval via postal ballot. The divested division contributed Rs. 26.76 Cr (20.28%) of FY25 revenue but carried a negative net worth of Rs. 20.03 Cr versus the company's overall net worth of Rs. 8.68 Cr, making it a drag on profitability. The board also accepted the resignation of Independent Director Mr. Ritesh Patel (who chaired three key committees) and appointed Mr. Ashwini Ramakant Gupta as a new Independent Director for 5 years. Additionally, the Secretarial Auditor was re-appointed for 5 years and the Cost Auditor for FY26.
Slump sale of the loss-making textile engineering division to a promoter entity is a significant related party transaction that could improve reported profitability metrics going forward, but minority shareholders should watch the valuation closely as the consideration flows the opposite way (HTEL paying NIPL since net worth is negative). The postal ballot (June 13 - July 12, 2025) will be the decisive event for retail investors.