India : Alok receives nod from shareholders to hive off retail division

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Home / Knowledge / News / Textiles / Alok receives nod from shareholders to hive off retail division

Alok receives nod from shareholders to hive off retail division

29
Nov '08

Alok Industries Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have on November 28, 2008, passed an Ordinary Resolution under Section 293(1)(a) of the Companies Act, 1956, for transfer / hiving off of the Company's Retail Division to M/s Alok Retail (India) Ltd, a wholly owned subsidiary of the Company with effect from November 30, 2008, with requisite majority.

Established in 1986 as a private limited company, Alok began with texturising of yarn and steadily expanded into weaving, knitting, processing, home textiles and readymade garments. Alok has entered international retailing — by taking a strategic stake in a UK based retail company Grabal Alok (UK) Ltd.

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