News Orders & Deals Prashant India Ltd Approves Disposal of Textile Division Plant and MachineryPrashant India Ltd Approves Disposal of Textile Division Plant and Machinery
Prashant India Ltd's board approved the disposal of all plant and machinery from its textile division at Palsana during a meeting on February 16, 2026. The assets will be sold as scrap with terms decided by Managing Director Prabhudas Gondalia. This action follows shareholder approval from September 27, 2023, and complies with regulatory requirements under SEBI Listing Regulations and Companies Act provisions.
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Prashant India Ltd has announced the approval for disposal of all plant and machinery from its erstwhile Textile Division, marking a significant step in the company's asset restructuring strategy. The decision was formalized during a board meeting held on February 16, 2026, and communicated to BSE Limited under regulatory compliance requirements.
Board Meeting Details
The board meeting convened to address the disposal of textile division assets commenced at 4:00 p.m. and concluded at 5:00 p.m. on February 16, 2026. The directors approved the comprehensive disposal of all plant and machinery, equipment, scraps, residuals, and other related items from the company's textile operations.
| Meeting Parameter: | Details |
|---|---|
| Date: | February 16, 2026 |
| Start Time: | 4:00 p.m. |
| End Time: | 5:00 p.m. |
| Key Decision: | Disposal of Textile Division assets |
| Location: | Palsana facility |
Asset Disposal Framework
The disposal encompasses all equipment and materials from the textile division situated at Palsana. The assets will be sold as scrap, with specific terms and conditions to be determined by Managing Director Prabhudas Mohanbhai Gondalia. This approach provides operational flexibility in executing the disposal while ensuring appropriate oversight through senior management.
The decision operates under the regulatory framework of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015. Additionally, the disposal aligns with shareholder authorization previously granted during the Annual General Meeting held on September 27, 2023.
Regulatory Compliance
The company's action follows established corporate governance protocols, with proper notification to BSE Limited under scrip code 519014. The disposal falls under Section 180(1)(a) of the Companies Act, 2013, which governs the sale, lease, or disposal of company undertakings. Shareholder approval obtained in September 2023 provides the necessary authorization for this strategic asset disposal.
Company Secretary and Compliance Officer Swati Joshi executed the formal communication, ensuring adherence to disclosure requirements and maintaining transparency with stakeholders and regulatory authorities.
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