Pasari Spinning Mills Receives Proclamation of Sale from Commercial Court in Execution Proceedings

Pasari Spinning Mills Limited has received a Proclamation of Sale from the Commercial Court, Mysuru, marking a significant legal development for the textile company. The company disclosed this information to the Bombay Stock Exchange on December 18, 2025, in compliance with SEBI regulations.

Court Proceedings Details

The Proclamation of Sale has been issued under Order XXI Rule 66 of the Code of Civil Procedure, 1908, in connection with Execution Petition No. Com.Ex./249/2023. The legal proceedings involve a case titled "The Cotton Corporation of India Ltd. vs. Pasari Spinning Mills Ltd. and its Managing Director."

Nature of Enforcement Action

The Proclamation of Sale pertains to enforcement proceedings initiated by the Cotton Corporation of India for recovery of alleged dues. This legal mechanism typically involves the court-ordered sale of assets to satisfy outstanding financial obligations. The execution proceedings arise from the dispute between Cotton Corporation of India and Pasari Spinning Mills.

Company's Response and Assessment

Pasari Spinning Mills has indicated that it is currently in the process of examining the court order. The company plans to take appropriate legal steps as advised by its legal counsel. Management has stated that the financial impact, if any, is presently under assessment.

The company has committed to keeping the stock exchange informed of any material developments in this matter, ensuring transparency with stakeholders and regulatory compliance.

Regulatory Compliance

This disclosure has been made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was signed by Krishna Kumar Gupta, Managing Director of the company, bearing DIN: 00003880.