Arq - The Hyper Intelligent Investment Engine By Angel Broking

Board of Amit Spinning Industries decides to keep Kolhapur unit inoperative

Amit Spinning Industries announced that the Board of Directors of the Company at its meeting held on 11 August 2015, inter alia, has approved the following:

Due to market and financial constraints, the Company is not able to fully utilize and leverage its production capacity. The Rehabilitation Plan filed by the Company with BIFR is yet to be considered and approved. The management has no option but continue to keep the manufacturing unit situated at Kolhapur, Maharashtra, inoperative, as before, for the time being, due to financial constraints and non-availability of working capital.

The Board of Directors in this meeting approved the aforesaid position till further intimation provided to the Exchange.

Powered by Capital Market - Live News