Company news: Avanti Feeds writes off equity investment

| Updated on March 24, 2020

Avanti Feeds has written off equity investment of ₹1 crore and irrecoverable loan and expenses aggregating to ₹92.14 lakh in respect of Svimsan Exports & Imports Private Limited (non-functional and non-material subsidiary of the company). The company has been informed that the board of Svimsan Exports & Imports Private Limited has decided to apply for strike-off of the company to the Registrar of Companies (ROC), under Section 248(2) of the Companies Act, 2013 since there were no operations in the company for the past 11 years and it is found no longer feasible to continue the business. Shares of Avanti Feeds slumped 9.15 per cent at ₹259.20 on the BSE.

Published on March 24, 2020

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