Simplex Mills Company Ltd Board Approves Disposal of Akola Textile Plant Land
On April 7, 2026, Simplex Mills Company Ltd announced that its Board of Directors considered and approved key proposals during a meeting held on that day. The Board considered the proposal concerning the disposal of land associated with the company's closed Textile Plant located at Plot No16, field Survey No 79 in Usha Nagar, Mouje-Shivani, Taluka, District, Akola -444104 Maharashtra.The Board meeting commenced at 12:00 p.m. and concluded at 12:30 p.m.
Key Board Approvals and Shareholder Requirements
The Board approved two main actions. Firstly, it approved the proposal to sell, transfer, or otherwise dispose of the land belonging to the aforementioned Textile Plant to any suitable party or parties. Secondly, the company also issued a Notice of Extra-Ordinary General Meeting dated April 7, 2026, to seek prior approval from the Shareholders regarding the proposed disposal of the Textile Plant.Details of the Disposal Proposal
Information regarding the proposed sale of the land was detailed in a compliance table outlining key aspects of the transaction.| Particulars | Details |
|---|---|
| Revenue (FY 2024-2025) | 0.00 (Rs. in '000) |
| Profit after tax (FY 2024-2025) | 0.00 (Rs. in '000) |
| Net worth (as per 31 st March 2025) | -34,782.81 (Rs. in '000) |
| Date on which the agreement for sale has been entered into | No agreement has been entered into with anyone until the approval of shareholders is obtained. |
| Expected date of completion of sale/disposal | Expected to be completed by May 2026 |
| Consideration received from such sale/disposal | The Company has not received any consideration as on date, No agreement has been entered into with anyone. |
| Related Party Transaction Status | No |
The company confirmed that the proposed sale of the land is outside the Scheme of Arrangement. The transaction is noted to fall within the purview of clause (a) of sub sec on (1) of Sec on 180 of the Companies Act, 2013, making Regulation 37A of the LODR Regulation applicable.
The company indicated that no agreement has been entered into with any party regarding the sale, and the company has not received any consideration as of the date of the announcement.
Stock Price Movement
By 12:54 PM, shares of Simplex Mills Company Ltd are dipping 5.00% to ₹5415.00. Throughout the session, the stock has remained locked at this ₹5415.00 price point.Source:
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