Subsidiary2 Nov 2026, 05:41 pm
Carborundum Universal Ltd Updates Subsidiary Closure
AI Summary
Carborundum Universal Ltd announced that the closure process of its wholly owned step-down subsidiary, CUMI Awuko Abrasives GmbH (CAAG), is progressing as per German laws. CAAG has sold all its property, plant, equipment, and inventory for an aggregate consideration of Rs. 534 lakhs. The company also reconciled with employees and is proceeding with final liquidation and de-registration. The financial impact of these actions is detailed in the notes to the financial statements for the period ended September 30, 2026. The Board of Directors also approved the unaudited financial results for the quarter and half-year ended September 30, 2026.
Key Highlights
- Closure of wholly owned subsidiary CUMI Awuko Abrasives GmbH is progressing.
- Sale of property, plant, equipment, and inventory for Rs. 534 lakhs completed.
- Final liquidation and de-registration of CAAG is underway.
- Unaudited financial results for Q2 FY27 approved by the Board.
- Financial impact of subsidiary closure disclosed in financial statements.
Price Impact
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