Stay Order fron Hon''ble High Court of Karnataka
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 5.5 pts more than Nifty Microcap 250 and 5.1 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Pasari Spinning Mills has informed the stock exchange that the Karnataka High Court has granted a stay on the Proclamation of Sale in execution case Com. Ex./249/2023, which was scheduled for auction on 12.01.2026. The company had appealed against a 2020 commercial court judgment and earlier arbitral awards (dated 24.07.2006) in a long-standing dispute with Cotton Corporation of India Ltd, arguing that the company was a sick industrial unit under SICA 1985, making the arbitration proceedings invalid. The auction of the company's assets has now been halted pending detailed consideration of the appeal. The financial impact cannot be quantified at this stage.
This is a positive relief for shareholders — the immediate threat of asset auction has been paused, giving the company time to contest the underlying judgment. However, the underlying liability and arbitration award remain valid until the appeal is decided, so this is temporary relief, not a resolution.