Held on 22 April 2016
Nahar Industrial Enterprises announced that the Board of Directors of the Company at its meeting held on 22 April 2016, have decided to withdraw and not to pursue the Scheme of Arrangement for amalgamation of Cotton County Retail (CCRL) with Nahar Industrial Enterprises (NIEL) filed before the National Stock Exchange of India (NSE) and BSE (BSE) for their prior approval pursuant to Regulation 37 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, before filing the same with hon'ble High Court.Cotton County Retail has informed to Nahar Industrial Enterprises that it is desirable and strategically beneficial for the Company and its shareholders to continue the status of the Cotton County Retail "as it is", to pursue its existing business and withdrawing from the Scheme of arrangement as spelt out in the scheme of the amalgamation approved earlier by the Board.
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