TAKE Solutions initiates liquidation of its step-down subsidiary in Germany

TAKE Solutions initiates liquidation of its step-down subsidiary in Germany

Sep 15, 2020 09:09 IST capital market

TAKE Solutions announced on 14 September 2020 that the management of the Company has taken into consideration the impact of known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries.

The liquidity and business constraints, consequent to impact of COVID 19 pandemic, have significantly hampered the operations of a step-down subsidiary viz. Navitas Life Sciences GmbH, Germany (a direct subsidiary of Ecron Acunova and a step- down subsidiary of TAKE Solutions).

After assessing the current situation and considering the local requirements, the liquidation process of Navitas Life Sciences GmbH, Germany has been initiated as per the requirements of local laws.

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