Silly Monks board approves dissolution of foreign subsidiary; Stock surges ~4%

The dissolution of Dream Boat Entertainment would involve Write-off the investment in the company’s books.

Sep 02, 2021 10:09 IST India Infoline News Service

Silly Monks Entertainment Limited board of directors at its meeting held on Wednesday approved the proposal of Dissolution of Foreign Wholly Owned Subsidiary Company i.e., M/s. Dream Boat Entertainment Pte Limited, Hong Kong.

The subsidiary company had a Total Income of Rs965.57 lakhs, 42.33%, and a net worth of Rs149.09 lakhs, 10.75% during the last financial year (FY21 ended March 31, 2021). 

The dissolution would involve Write-off the investment in the company’s books, it said in a filing on Wednesday.

At around 10.56 AM, Silly Monks Entertainment Limited was trading at Rs22.90 per piece up Rs0.85 or 3.85% on the NSE.

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