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Bombay HC orders closure of S Kumars
The fight for survival of the once well-known name in stitching suits—S Kumars—has come to an end at the High Court, which has ordered its closure. The Bombay High Court has ordered liquidation of S Kumars’ nationwide assets and ordered the banks to appoint an official liquidator to recover debt. The company owes Rs 4,500 crore to 134 banks, including State Bank of India and ICICI Bank, and other financial institutions.
Passing the judgment on July 1, Justice BP Colabawalla gave four weeks’ time for the company to appeal against the order, and in the meanwhile, directed the banks to appoint the official liquidator to take charge of all the assets, properties, stock-in-trade, books of accounts and bank accounts of the company.
Texfair 2015: 'Textiledom' in South gets a boost
Coimbatore district, known as the textile hub of Tamil Nadu or is called as the ´Manchester of South India´, has over 900 textile mills, 7 million spindles, 1 lakh rotors, 2 lakh powerlooms, 99,000 automatic shuttle looms, 59,000 plain looms, 39,000 semi-automatic looms, and over 70 per cent of machinery, spares & accessories, rotors, etc.
Mohler Machine makes giant strides in export
With just over a decade of experience, Mohler Machine has already provided best-in-class products and services and has forayed into manufacturing of overhead travelling cleaner. Within such short span of time, the company has grown substantially