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Oudh Sugar Mills today reported net loss of Rs 43.06 crore for the second quarter ended on September 30, due to decline in sugar prices as against a net loss of Rs 50.06 crore in the same quarter of last year.
Total income from operations during July—September quarter increased to Rs 302.80 crore from Rs 273.74 crore in the year ago period.
Meanwhile, the company said its board has decided to seek shareholders’ nod for amendment in its Articles of Association to bring it in consonance and harmony with the Companies Act, 2013.
Besides, it is seeking shareholders’ nod on another matter.
“Requisite approval of the shareholders through the postal ballot...to make further investment, provide loans or give guarantee or provide security in connection with loans to any other body corporate or person under section 186 of the Companies Act, 2013, for an amount not exceeding Rs 300 crores” the filing added.
Shares of the company today closed at Rs 21 apiece on BSE, up by 3.19 per cent.
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