JCT To Sell Filament, Cotton Units In Punjab

Business

JCT To Sell Filament, Cotton Units In Punjab

JCT Limited has decided to sell substantial part of the filament yarn manufacturing plant at Hoshiarpur and cotton manufacturing plant at Kapurthala, in Punjab. The manufacturing activities of the units were suspended from September 1, 2023 “due to some unavoidable circumstances which was beyond the control of the management and operative activities were kept in abeyance since September 1, 2023”, according to a filing by the company.

This interruption and termination of manufacturing activities at Hoshiarpur unit resulted in huge losses for the company, and also impacted the cotton yarn manufacturing plant in Kapurthala.

“Therefore to recompense such losses it is proposed to sell the plant and machinery and other assets of the unit manufacturing filament yarn situated at Hoshiarpur, in Punjab. Approval of the members was sought for the same, to be passed as a Special Resolution in the EGM of the company held on February 29, 2024,” the company said in the stock exchange filing.

The company is also planning to shift its registered office to Kapurthala, from Hoshiarpur, following the termination of business activities at Hoshiarpur unit. The registered office will shift to Kapurthala where the company has a textile manufacturing unit.

JCT Ltd. is a diversified textile manufacturing company with strong foothold in performance fabrics, home textiles, garments, technical textiles.