Nava Bharat Ventures cancels agreement of sale of immovable assets of Sugar division at Samalkot

The agreement of sale stands rescinded due to non-fulfillment of certain conditions specified therein by another party, company said.

Jun 04, 2021 08:06 IST India Infoline News Service

Nava Bharat Ventures Limited has canceled the sale of immovable assets of the Sugar division of the company at Samalkot. Andhra Pradesh due to non-fulfillment of certain conditions.

For the cessation of operations at the Sugar Division of the company situated at Samalkot, East Godavari District, Andhra Pradesh, the company on May 3, 2021, had entered into a binding agreement for the sale of plant and equipment, excluding land, pertaining to Sugar Division.

“The said agreement of sale stands rescinded due to non-fulfilment of certain conditions specified therein by other party and the part payments made by the other party stand adjusted against liquidated damages,” company said in a filing on Thursday.

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