The agreement shall remain valid till either party terminates it by giving advance written notice of three months to the other party for reasons to be furnished.Uttar Pradesh Financial Corporation (UPFC) has engaged MSTC as selling agents for selling assets owned by UPFC as well as the stressed assets of its finance assisted units, which have now become defaulting industrial concerns.
MSTC will sell the assets through e-tender-cum-e-auction on MSTC's website. The agreement shall remain valid till either party terminates it by giving advance written notice of three months to the other party for reasons to be furnished.
Recently, the media reported that the Union Cabinet will soon take a call on shutting down Scooter India. Subsequently, MSTC, will be tasked with the responsibility to sell the assets of Scooters India as well.
MSTC undertakes marketing of ferrous and miscellaneous scrap arising from integrated steel plants, engineering companies, refineries, power plants, coal and transport sector, defence and other government departments / private sector organisations in the domestic market.
On a consolidated basis, the company's net profit declined 1.9% to Rs 28.76 crore on a 21.6% fall in net sales to Rs 209.45 crore in Q2 September 2020 over Q2 September 2019.
Shares of MSTC jumped 16.7% to Rs 257.15 on Friday.
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