Procal Electronics India Ltd Approves Takeover of Assets and Inventory by Canara Bank, Writes Off Debit/Credit Balances

Procal Electronics India Ltd announced that its Board of Directors approved a takeover of immovable and movable assets and inventory by Canara Bank. The assets and inventory, which were in possession of Canara Bank, were sold through an E-Auction Sale Notice dated May 2, 2024, conducted under the provisions of the SARFAESI Act, 2002. The Company has also written off several long-standing debit and credit balances identified as not recoverable or payable, and undertaken a re-grouping and reclassification of various accounts in ledgers and heads to align the Company's financial records and reflect the true financial position.