Debt-ridden Ruchi Soya Industries today said negotiations are at a nascent stage to sell off its business under the National Company Law Tribunal (NCLT) process.
The insolvency proceeding has been initiated against the company and the powers of the company's board have been suspended and being exercised by the Interim Resolution Professional(IRP).
In a regulatory filing, Ruchi Soya said the Resolution Professional (RP) had on February 8 sought expression of interest (EoI) for the company. The deadline for submission of EoI ended on February 22.
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"As advised by the RP, the negotiations are at a nascent stage," the filing added.
Shares of the company rose 2.22 per cent to close at Rs 18.40 a piece on BSE today.
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