Pursuant to the Provisions of Section 188 of the Companies Act, 2013 r.w. applicable rules of the Companies (Meetings of Board and its Powers) Rules, 2014 and, Regulation 23 (4) of the ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Nirav Commercials Ltd's Board has approved a Business Transfer Agreement to sell its entire aluminium business operating under the 'Elesar Focchi' brand to Hind Aluminium Industries Limited, a related party belonging to the promoter group, on a slump sale basis. The Elesar Focchi unit contributes 100% of the company's revenue (Rs. 30.47 crore income) and has a net worth of Rs. 9.73 crore as per the last audited financials (March 31, 2025). The total consideration for the sale is just Rs. 1.25 crore, which is significantly lower than the unit's net worth. The transaction is classified as a Material Related Party Transaction, requires shareholder approval, is stated to be at arm's length, and is expected to be completed by March 31, 2026.
This is a major event for shareholders — the company is divesting its entire revenue-generating core business for Rs. 1.25 crore (against Rs. 9.73 crore net worth and Rs. 30.47 crore revenue), potentially leaving it as a shell company. Investors should watch for the shareholder voting outcome and assess post-sale business plans before making investment decisions.