Oxford Industries to cut 99% of share capital due to business losses
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Oxford Industries board approved reducing share capital by 99% to offset accumulated business losses, subject to shareholder approval. New promoter Saroj Kumar Choudhary now holds 46.46% (27.6 lakh shares) after completing his open offer. Statutory auditor PAMS resigned citing location issues; Lipika and Associates appointed for 5 years. Board also proposed shifting registered office from Maharashtra to Orissa and adding hospital, pharma and healthcare businesses to the MOA.
99% capital cut signals deep financial trouble and sharp value loss for shareholders. Business is pivoting to healthcare and pharma under new promoter.