Gangotri Textiles, maker of the Tibre brand of trousers, would sell its spinning, fabric making and processing units to cut its huge debt and stay clear of being declared a sick company. If accumulated losses in a fiscal year exceed 50% of the peak networth preceding the four fiscal years, the company runs a risk of being declared a sick enterprise. Gangotri's debt stands at around Rs 310 crore, which exceeds the limit.

It would sell 27,000 spindles spinning unit, the weaving unit with 128 Pi...
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