Hil update on winding up proceeding of JV in Nigeria

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Capital Market
Last Updated : Mar 26 2018 | 7:04 PM IST
Hil announced that the winding up proceedings initiated by Company against 'Supercor Industries', Nigeria (Joint Venture, wherein the Company holds 33% Stake) is still pending with the Courts of Nigeria.

The Company had initiated and filed winding petition for recover of dues from 'Supercor Industries', Nigeria in the year 2016, as Supercor Industries has suspended its operations in November 2015 due to severe cash crisis and could not meet their routine obligation of paying salaries / wages to their employees /workers which hampered the operation and none of the employees/works resumed their offices and all the basic facilities such as power, internet and other connections were discontinued due to non-payment of the dues. In view of the above, Company is not in a position to obtain any information/financials from the JV entity

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First Published: Mar 26 2018 | 6:51 PM IST

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