Manali petrochemicals Limited has announced the reinstatement of its step-down subsidiary Penn Print Solutions Limited (PPSL), UK, following communication from its subsidiary Penn Globe Limited, UK. The reinstatement comes with specific limitations and is designed to facilitate the collection of outstanding corporation tax refunds.

Purpose and Scope of Reinstatement

The reinstatement of PPSL is strictly time-limited and serves a single, specific purpose. The subsidiary will be reactivated solely for receiving and distributing proceeds from corporation tax refunds that are due to the company. This limited scope ensures that the reinstatement does not expand into broader business operations.

Operational Restrictions and Timeline

Manali Petrochemicals has confirmed that PPSL will not undertake any other business activities or transactions beyond the specified tax refund collection. The company has committed to initiating necessary actions for voluntary strike-off with Companies House within stipulated timelines once the outstanding dues are received.

The reinstatement follows the company's earlier communication dated November 10, 2025, regarding the same matter. This structured approach ensures compliance with regulatory requirements while maintaining operational efficiency.

Financial Impact Assessment

The company has explicitly stated that there are no financial or material implications arising from this reinstatement. This confirmation provides clarity to stakeholders regarding the limited nature of the subsidiary's reactivation and its neutral impact on the parent company's financial position.

Regulatory Communication

The announcement was made through official communication to both BSE Limited and National Stock Exchange of India Limited on January 12, 2026. The communication was signed by G Sri Vignesh, Company Secretary, ensuring proper corporate governance protocols were followed in disclosing this development to the stock exchanges.

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Manali Petrochemicals Limited has announced entering into a Memorandum of Agreement (MoA) with Chennai Petroleum Corporation Limited (CPCL) for the utilization of loading facilities at its Plant-I located in Manali, Chennai. The agreement enables CPCL to handle its products through Manali Petrochemicals' existing infrastructure.

Agreement Details

The partnership arrangement involves the following key aspects:

Corporate Disclosure

Manali Petrochemicals Limited made this disclosure to both BSE Limited and National Stock Exchange of India Limited. The company clarified that while such intimation is not mandatory under SEBI Listing Regulations, 2015, the disclosure was made in the interest of good corporate governance and transparency.

Strategic Infrastructure Utilization

This agreement represents a strategic move by Manali Petrochemicals to optimize the utilization of its existing infrastructure. The Plant-I facility in Manali, Chennai, will now serve dual purposes - supporting the company's own operations while providing services to CPCL for product handling.

The partnership demonstrates the company's ability to leverage its infrastructure assets to generate additional revenue streams while maintaining operational efficiency. This arrangement also strengthens the relationship between two significant players in the petrochemical sector within the Chennai region.