Board of Directors of textile firm Ritesh Industries had earlier agreed on a proposal to combine the company with Ritesh Spinning Mills, with an exchange ratio of 1:20.
But a huge loss of Rs5.08 million was incurred by company for the quarter ended September 30 this year, as against Rs2.56 million last year.
Net profit during this period dropped 76.9 percent to Rs1.96 million from 2005.
Therefore, Ritesh Industries decided to cancel the merger at a board meeting conducted on December 23, 2006.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
