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Mysore Petro Chemicals gets nod to write-off investment in Blue Lotus International
Sep-19-2020

Mysore Petro Chemicals’ board has approved write-off of the company’s investment in Blue Lotus International. Earlier, the company had invested GBP 770,000 in Blue Lotus International (Investee Company) constituting 15.27% of the capital of the Investee Company.

The prevailing economic condition and the Covid-19 has caused severe disruption to its business. The business has come to standstill with no operational revenue. As a result of this, the Investee Company has initiated the process of its voluntary liquidation. The Board of Directors of the company at their meeting held on September 18, 2020 have considered and approved the same.

Mysore Petrochemicals (MPCL) is involved in trading of organic & inorganic chemicals. It was incorporated on June 09, 1969 at Bangalore, Karnataka.

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