Circular Resolution passed by Board of Directors

Prime Urban Development India Ltd has informed BSE that M/s. Prime Hometex Industries (India) Ltd is 100% wholly owned subsidiary of Prime Urban Development India Ltd incorporated in 2006, for pursing the project for manufactured of Home textile products. Due to depressed conditions in the Hometexiles market, further progress in this project could not be made and it is not viable to continue further and the investment in the said Company was not remunerative. The Board of Directors by way of circular resolution dated January 11, 2012 has accorded their consent for disinvestment of the 100% shares held by the Company in Prime Hometex Industries (India) Ltd. to identify the purchaser, negotiate the terms of sale etc. On transfer of the entire shares, Prime Hometex Industries (India) Ltd will be ceased to be a subsidiary Company.

Source : BSE - >www.bseindia.com

Published on January 11, 2012
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