Proclamation of Sale vide order: XXI Rule 66 of code of cuvil procedure in connection with Execution petition no: Com.Ex./249/2023.
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Pasari Spinning Mills has disclosed that the Commercial Court in Mysuru has issued a Proclamation of Sale under Order XXI Rule 66 of the Code of Civil Procedure in Execution Petition No. Com.Ex./249/2023. This enforcement action arises from a case filed by The Cotton Corporation of India Ltd against the company and its Managing Director for recovery of alleged dues. A Proclamation of Sale typically precedes the auction of the company's assets to satisfy the claimed debt. The company is currently examining the order and plans to take appropriate legal steps, while the financial impact is still being assessed.
This is a negative development for shareholders as the company faces potential forced sale of assets to settle dues owed to Cotton Corporation of India. The outcome could affect the company's operations and financial position, though the quantum of impact is yet to be determined.