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Sumitomo Chemical India Ltd - Proposal For Winding Up Subsidiary Company
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29 Oct 2021
We hereby inform you that the Board of Directors of the Company, at its meeting held today i.e. on 29th October, 2021, have given in-principle approval for winding up/otherwise closing down Excel Crop Care (Europe) N.V., Belgium, a subsidiary of the Company.&lt;BR&gt; &lt;BR&gt; Excel Crop Care (Europe) N.V. is an unlisted &apos;non-material&apos; subsidiary in which the Company holds 99% of the equity share capital.&lt;BR&gt; &lt;BR&gt; Excel Crop Care (Europe) N.V. has not been having sales turnover/profits and commercial activities for past several years. The subsidiary has no material financial liability on its balance sheet and has positive net worth.&lt;BR&gt; &lt;BR&gt; The proposed winding up/closure of Excel Crop Care (Europe) N.V. is not likely to impact the business, commercial activities, financial position and financial statements of the Company/group in any material manner.&lt;BR&gt; &lt;BR&gt; We will inform you once the winding up/closure process for Excel Crop Care (Europe) N.V. is complete.
View all announcements for Sumitomo Chemical India Ltd Source: BSE India