Sintex Plastics Technology Limited informed the divestment of entire equity holding in indirect wholly owned subsidiary,Sintex NP SAS last week.The company also informed that one of the lenders to Sintex BAPL Limited has filled a commercial suit against Sintex Plastics,Sintex BAPL and Sintex holding B.V.before the commercial small cause court at Ahmedabad and obtained an ex-parte injunction on dealing with,disposing or creating any third party rights or encumbrances or parting with the possession of or from alienating the shares of Sintex NPSAS,or any part thereof.The company is taking all possible measures for vacating the stay granted by the commercial court in the interest of the transaction and undertaking all such actions to defend its position.SPIL has earlier decided on divestment as a part of overall strategy to reduce debt at a consolidated level and to ensure adequate funding for domestic business.
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