Mohite Industries532140Strategic exit plan

Board approves proposed sale of Spinning Unit assets and shifting of registered office; seeks shareholder vote

The Board has approved a proposed sale or disposal of the Spinning Unit — its land, buildings, structures, plant and machinery — in one or more tranches, subject to shareholders' special resolution.

By ScoutQuest · Wed 21 Oct 2026, 5:35 PM IST · 3 min read

85.1%Spinning Unit revenue as percentage of total revenue

Spinning Unit revenue as percentage of total revenue: 85.10 %.

Spinning Unit Revenue: Rs. 8,453.63 lakh
Share of Total Revenue: 85.10% of revenue
Spinning Unit Net Worth: -3559.45 lakh

What the Board approved

A proposed sale or disposal of the Spinning Unit and the land at Gat No 347/1, 347/2, 347/3, 355 and 357, together with all buildings and structures and plant and machinery, in one or more tranches, to potential buyers.
Shifting of the registered office from R.S. No. 347, Ambapwadi Phata N. H. 4 Vadgaon, Dist - Kolhapur, Maharashtra, 416112 to 'PARVATI-KUNJ' Plot No. 1, C.S. No. 250/B/1a/4 Nagala Park, Kolhapur, Maharashtra, 416003. This is outside the local limits of the existing city, town or village but within the jurisdiction of the same Registrar of Companies.
Postal ballot mechanics: Mr. Sachin Bidkar (Membership No. 14002, CP No. 14666) as Scrutiniser, CDSL as the remote e-voting service provider, a cut-off date of 23rd October, 2026, and the draft Postal Ballot Notice with the explanatory statement under Section 102.

The size of the unit being sold

Revenue contributed by the Spinning Unit: Rs. 8,453.63 lakh, which is 85.10% of revenue, as per the audited financial statements as of March 31, 2026.
Net worth of the Spinning Unit: -3559.45 lakh, marked NA in the percentage column.

What is fixed and what is still open

No agreement has been entered into, and none shall be entered into, until the approval of shareholders is obtained.
The Company is yet to identify the buyer(s) and is yet to enter into the necessary agreement or deed for the proposed sale or disposal.
The consideration will not be less than the prevailing market price and will be in the best interest of the Company.
The expected date of completion is subject to requisite consents and approvals.
The buyer(s) will be unrelated parties, not belonging to the promoter, promoter group or group companies, and the transaction is stated not to be a related party transaction.

Why shareholders are being asked to vote

The sale is being undertaken outside a scheme of arrangement and falls within Section 180(1)(a) of the Companies Act, 2013 and Regulation 37A of the Listing Regulations. A special resolution through the postal ballot is being sought.
The registered office shift needs a special resolution and completion of formalities under Section 12(5) of the Companies Act, 2013.
Other items in the disclosure are marked Not Applicable, including slump sale disclosures, cash consideration amount or share exchange ratio, and change in the shareholding pattern.

How a retail holder can read this

The vote is on whether the Company may dispose of the Spinning Unit and move its registered office. Both are proposals; the sale is not concluded.
Because the buyer and the price are not settled, the amount the Company will actually receive is not yet known. The disclosure only states that the consideration will not be less than the prevailing market price.
The unit accounts for a large majority of reported revenue, so the outcome of the postal ballot is the point at which the direction becomes clear.