HMT has informed that the Board of Directors of the Company in its meeting dated 03rd November, 2022 has reviewed the status of the closure of HMT Watches, wholly owned Subsidiary Company and has approved (subject to approval of the shareholders) for taking over of the legal cases of HMT Watches by HMT along with Contingent Liabilities & also Transfer of Immovable assets of HMT Watches to HMT at book value in order to ensure early closure of HMT Watches. Subsequently, HMT shall continue with the activity of disposal of land of HMT Watches and transfer the sale proceeds to GOI/Ministry of Heavy Industries in line with the approval of Cabinet Committee of Economic Affairs (CCEA) after deducting the applicable taxes and related expenses. This is in line with the directions received from Ministry of Heavy Industries.
The above information is a part of company’s filings submitted to BSE.
