Amit Spinning Industries Ltd unable to utilize production capacity

The Board of Directors of Amit Spinning Industries Ltd at its meeting held on August 11, 2015, has announced that due to market and financial constraints, the Company is not able to fully utilize and leverage its production capacity. The Rehabilitation Plan filed by the Company with BIFR is yet to be considered and approved. The management has no option but continue to keep the manufacturing unit situated at Kolhapur, Maharashtra, inoperative, as before, for the time being, due to financial constraints and non-availability of working capital.

The Board of Directors in this meeting approved the aforesaid position till further intimation provided to the Exchange.

Source : Equity Bulls

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