The origina intimation was submitted on 18th December, 2025. Pursuant to the observations of the Exchange, the company was advised to resubmit the intimation. Accordingly, the present resubmission ....
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Pasari Spinning Mills Ltd has disclosed that the Commercial Court, Mysuru issued a Proclamation of Sale dated 3 November 2025 against the company and its Managing Director, in an execution case (Com.Ex./249/2023) filed by Cotton Corporation of India Ltd for recovery of alleged dues of around Rs 7.03 crore (including costs and interest). The order, received by the company on 18 December 2025, directs sale of the company's immovable property — Plot No. 54 and 55 in the Nanjangud Industrial Area, Mysuru, measuring 42,889 sq meters — by public auction originally scheduled for 12 January 2026. The company has filed an Interlocutory Application before the Karnataka High Court seeking a stay on the proceedings, which is yet to be listed and heard. The financial impact of the order is currently under examination and the company has committed to keep the exchange informed of further developments.
This is a material negative development for shareholders — a court-ordered auction of a significant industrial property to recover dues of roughly Rs 7 crore signals a litigation loss and could lead to loss of a core operating asset if the stay is not granted. Investors should watch for updates on the High Court stay application and any quantified financial impact, as either outcome could meaningfully affect the company's operations and valuation.