Mounting Losses Lead Golchha group led Sri Ram Sugar Mills to Permanently Shut down Operations

Mon, Jul 27, 2020 2:18 PM on Latest, Stock Market,

Sri Ram Sugar Mills (SRS) has permanently closed its operations from yesterday, i.e. Shrawan 11, 2077.

Rautahat's first sugar mill, Sri Ram Sugar Mills was in operation for more than two decades. However, the company, although successful in its early years, saw massive losses with every passing fiscal year. The total loss of the company till fiscal year 2075/ 76 stood Rs. 2,17,75,58,376. The company has said it was taking losses in crores in every fiscal year.

Stating that the company had provided employment to numerous workers and sugarcane farmers of the district, the notice issued has expressed the management team's regret to have to close despite utmost attempts to revive the company.

The company is working with the concerned legal body to liquidate its assets to pay the wages of workers, staff, and sugarcane farmers, in that very order.

In total 30,45,990 unit shares listed in NEPSE of SRS. The last traded price as on writing this article stood Rs 338 per scrip today.  



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