Babri Cotton Mills to lease building, plant & machinery to Janana De Malucho Textile to avoid losses

MG News | October 01, 2020 at 02:37 PM GMT+05:00

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October 01, 2020 (MLN): For the maintenance of Spinning machinery, the BoD of Babri Cotton Mills Limited, in its meeting held on Sept 24, 2020, has decided to lease the building and plant & machinery of the company as a stop-gap arrangement.

In this regard, the company has offered the lease to Janana De Malucho Textile Mills Ltd (an associated company) w.e.f October 1, 2020, to June 30, 2021, in order to keep the plant & machinery from irreparable damage due to its closure since 25^th March 2020 while saving the company from further colossal loss and keeping the spinning machinery in excellent working condition, as per the notice issued to PSX.

This is an interim arrangement till the completion of both the entities, as declared earlier.

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