Outcome of Vardhman Textiles Board Meeting

29 Jan '08

2 min read

Vardhman Textiles Ltd has informed that the Board of Directors of the Company at its meeting held on January 28, 2008, has took note of the status of Scheme of Arrangement, Reorganisation and Demerger by and amongst Vardhman Textiles Ltd (VTXL), Vardhman Threads Ltd (VTL) (a 100% subsidiary of VTXL), Vardhman Yarns and Threads Ltd (VYTL) (a subsidiary of VTXL) and their respective shareholders and creditors, providing for the transfer of the Sewing Thread business of VTXL, on slump sale basis as well as demerger of Sewing Thread business of VTL, to VYTL.

Further, the Board of Directors of VTXL, discussed the overall perspective of Sewing Thread business. The Board of Directors took the view that the textile and clothing business has acquired a global dimension and it may be desirable and pertinent to explore the possibilities of strategic relationship with one of the international players in Sewing Thread business so that the business can meet the demand of users of sewing thread particularly when they have to ensure compliance of Specifications and Standards set out by major Buying Houses and Retailers.

The Board of Directors, therefore, empowered Mr. D L Sharma, President & Executive Director and Mr. Neeraj Jain, CFO to explore possibilities for such tie ups including overseas investments for Sewing Thread business and, it required, to appoint Consultants / Advisors for the purpose.

Vardhman Textiles Ltd

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