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

Procal Electronics India Ltd has approved the takeover of its immovable and movable assets and inventory by Canara Bank through an E-Auction Sale. The sale was conducted under the provisions of the SARFAESI Act, 2002, as part of the Bank's recovery proceedings. The Company has also written off several long-standing debit and credit balances identified as not recoverable or payable, and has undertaken a re-grouping and reclassification of various accounts in ledgers and heads to reflect the true financial position. The Board Meeting to discuss these matters commenced at 05:30 P.M and concluded at 07:40 P.M on 31st March, 2026.