Oxford Industries gets new promoter, proposes 99 percent capital reduction

Oxford Industries got a new promoter after Mr. Saroj Kumar Choudhary completed the takeover process through an open offer, acquiring 27,61,576 shares (46.46 percent). Earlier promoter Mr. Mazher N Laila and his PACs have ceased to be promoters. The board also proposed a 99 percent reduction of paid-up capital citing accumulated business losses, subject to shareholder approval. Other changes include shifting of registered office from Maharashtra to Orissa, appointment of new statutory auditor M/s. Lipika and Associates, and expansion of main business objects into hospitals, pharmaceuticals and healthcare.