Paras Petrofils to shut down yarn production unit

Paras Petrofils Ltd has decided to permanently close its yarn plant in Surat, which had stopped yarn manufacturing activity since March 2013. Paras Petrofils informed BSE that the Board of Directors decided that looking at the market scenario and performance of other industries with similar product range, during the last year it will be in the interest of Paras Petrofils to permanently discontinue its manufacturing activity and dispose off all assets related to yarn manufacturing activity.
 
Meanwhile, six members of the Board - Siddharth C Patel, Jivabhai A Patel, Kailashchand Jain, Anandkumar Jain, Murli Manohar Modani and Pravinchand Jariwala – have tendered their resignation, which was accepted by the Board.