Sukhjit Starch & Chemicals has received an approval to disinvest a major part of its shareholding in Sukhjit Finance - presently a subsidiary company. The board of directors at their meeting has approved for the same.
Sukhjit Finance has been running out of operations for the last many years and will cease to be a subsidiary of the company after the necessary disinvestment.
Sukhjit Finance is not a material subsidiary company as the value of investment stands at Rs 2.63 crore in the latest Balance Sheet of the company on March 31, 2014 against shareholder funds of Rs 181.27 crore on that date.
