/ Alps Industries gets order from PIPDIC for cancellation of lease deed ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 9 July 2018

Alps Industries has received Order from the Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC), Puducherry for cancellation of lease deed alleging the non compliance of lease terms and to take over the possession of the unit on July 06, 2018. In terms of said order, PIPDIC has taken over the possession of the unit on July 06, 2018 even after submitting the reply of the company vide letter dated July 03, 2018 justifying that there is no case of non compliance of lease terms.

Aggrieved by the said action, the company has filed a Writ petition in High Court of Madras, Chennai against the aforesaid order of PIPDIC, Puducherry for stay and necessary relief from the Court against the said order of PIPDIC.

Alps Industries is a holding company, which is engaged in the textile business. The company manufactures and sells home furnishings, fashion accessories and yarns in India. Its segments include Home Furnishing & Fashion Accessories; Yarn, and Architectural Products.

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