Jauss Polymers’ Board has proposed to sell the company's Baddi Unit (along with all machines thereof) to Innovative Tech Pack, as a going concern by way of slump sale, at a consideration of Rs 370 lakh which is as around at book value.
The Board has taken this decision, as the company's operations at its manufacturing unit located at HPSIDC Industrial Area, Davni, Baddi, Solan, Himachal Pradesh, have suffered continuous losses for the past 3 quarters and shall continue to suffer further losses. Besides, the board of directors of the company is of the view that there is absolutely no chance of revival of company's operations due to the reason that its major customer which contributed to 90% of its total sales have stopped giving orders to the company.
Further, the machines in the company's Baddi Unit are mostly lying idle as not being utilized.
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