Sale of Assets7 April 2026 at 07:17 am
Simplex Mills Seeks Shareholders' Approval for Land Sale of Closed Textile Plant
AI Summary
Simplex Mills Company Ltd announced the approval of a proposal to sell, transfer, and/or otherwise dispose of land pertaining to the closed Textile Plant situated at Plot No16, field Survey No 79 in Usha Nagar, Mouje-Shivani, Taluka, District, Akola -444104 Maharashtra. The company is yet to enter into an agreement with any party and expects to complete the sale by May 2026. The proposed transaction falls within the purview of clause (a) of sub sec on (1) of Sec on 180 of the Companies Act, 2013, and is not a slump sale.
Key Highlights
- Simplex Mills seeks shareholders' approval for the sale of land from the closed Textile Plant.
- The sale is expected to be completed by May 2026.
- The proposed transaction falls under the purview of the Companies Act, 2013.
- No agreement has been entered into with any party until the approval of shareholders is obtained.
- The transaction is not a slump sale.