Board of directors of the company on 09/06/2017 have decided to sell entire 23.56 acres of land of sole manufacturing plant at Village Jatheri, Sonepat, Haryana and please note as under:
1. The entire turnover of the company was solely generated from said unit/plant. The turnover during last financial year was only Rs 7.08 crores( approx) and that there was no contribution towards net worth .
2. The term sheet /agreement are being signed.
3. The deal is likely to be completed by the end of financial year 2017-18.
4. The net consideration is Rs 53.11 Crores( Rupees fifty three crores eleven lakhs only)
5. The buyer of the land is Mr. Hari Prakash Mangla, r/o HNo.119 , Sector -14,Sonepat( Haryana) and transaction is at arms length and do not fall under related party transaction
6. This is not a slump sale. Company has sold its Brand EVEREST separately and for better realization each of the plant/equipments/machinery / other assets of the plant are being sold individually.
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