Board approves sale of Spinning Unit assets representing 85% of revenue
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Board approved selling assets of its Spinning Unit at Gat No 347 including land, buildings, and plant and machinery. The unit contributed Rs 8,453.63 lakh or 85.10% of company revenue in FY26 but had a negative net worth of Rs 3,559.45 lakh. No buyer has been identified, and the sale needs shareholder approval via postal ballot. Board also approved shifting the registered office from Vadgaon to Nagala Park, Kolhapur.
Major divestment of the core business driving 85% of revenue but loss-making. Needs shareholder approval via postal ballot. No buyer identified yet.