Held on 15 March 2018
Nouveau Global Ventures announced that with effect from 04 February 2018, it was decided to close its subsidiary 'Nouveau Global Ventures FZE' (WOS) at RAK Free Zone, UAE for the reason that it had been incurring losses due to domino effect in the entire commodities market at UAE.The company had made majority investment in this subsidiary in form of equity capital and unsecured loan.
Hence for the betterment of the Company, the Board of Directors at its meeting held on 15 March 2018 has proposed and approved writing off the bad-debts from the books of accounts of the Company for the financial year 2017-18.
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