Spentex acquires management control of Indo Rama Textiles

24 May '06

1 min read

Cotton yarn maker Spentex Industries Ltd has informed BSE that pursuant to completion of formalities under the Share Purchase Agreement dated February 17th 2006 as well as SEBI (SAST) Regulations, 1997, whereby the company had agreed to acquire the Promoters stake in Indo Rama Textiles Ltd from the present promoters.

The change of management of Indo Rama Textiles Ltd has taken place in favour of the company in the Board meeting of Indo Rama Textiles Ltd conducted on May 24th 2006; accordingly, the company has nominated Mukund Choudhary, Kapil Choudhary, Amrit Agrawal, S C Grover and S P Setia on the Board of Indo Rama Textiles Ltd.

Further the company has informed that under the Companies Act, 1956, upon the acquisition of more than 50 percent of the Equity Capital, Indo Rama Textiles Ltd has now become a subsidiary of the company.

Spentex Industries Ltd, is an ISO 9001:2000 & ISO 14001 certified spinning unit. It is a CLC Enterprises company. CLC Enterprises is an upcoming business house based in the capital of India, New Delhi. CLC Enterprises has an association of more than 55 years with textile industry.

Spentex Industries Ltd

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