Sintex Industries resolution: NCLT approves joint bid of RIL, ACRE ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 30
The National Company Law Tribunal (NCLT) has approved the joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden textiles maker Sintex Industries. The Ahmedabad bench of the NCLT in an oral order on Friday approved the resolution plan by RIL and ACRE, Sintex Industries said in a regulatory filing. "NCLT has orally pronounced an order" on Friday "approving the resolution plan submitted jointly by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Ltd," Sintex Industries said. The approved Reliance-ACRE plan contains the reduction of share capital and delisting of equity shares with nil value, it added. The company would make up

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