-
ALSO READ
Apar Industries incorporates JV for marketing of lubricants Mohota Industries enters into JV for development of affordable housing project Eicher Motors ends JV with US-based Polaris Bengal Steel Industries to conduct board meeting ArcelorMittal signs JV agreement with NSSMC to acquire Essar Steel -
Hil announced that the winding up proceedings initiated by Company against 'Supercor Industries', Nigeria (Joint Venture, wherein the Company holds 33% Stake) is still pending with the Courts of Nigeria.
The Company had initiated and filed winding petition for recover of dues from 'Supercor Industries', Nigeria in the year 2016, as Supercor Industries has suspended its operations in November 2015 due to severe cash crisis and could not meet their routine obligation of paying salaries / wages to their employees /workers which hampered the operation and none of the employees/works resumed their offices and all the basic facilities such as power, internet and other connections were discontinued due to non-payment of the dues.
In view of the above, Company is not in a position to obtain any information/financials from the JV entity
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU