Shares of Indokem Ltd hit 5% decrease circuit on 18 November after MPCB ordered the corporate to close operations at its Ambernath, Pune unit.
The promoting stress on the counter got here after the Maharashtra Air pollution Management Board (MPCB) ordered the corporate to shut its manufacturing unit in Ambernath, Thane, inside 72 hours as a result of alleged violations of the Water (Prevention and Management of Air pollution) Act, 1974, the Air (Prevention and Management of Air pollution) Act, 1981, and the principles enacted below them.
In its regulatory submitting, the corporate stated, “We hereby inform you that the corporate has obtained a discover (Ref. No. MPCB/CD/2511140007) from the Regional Officer, Maharashtra Air pollution Management Board (MPCB), Kalyan, Dist. Thane, directing the closure of the corporate’s manufacturing unit located at Plot No. 128, Chikhloli MIDC, Ambernath, Taluka Ambernath, Dist. Thane, inside 72 hours from receipt of the stated discover, for alleged violations of the Water (Prevention and Management of Air pollution) Act, 1974, the Air (Prevention and Management of Air pollution) Act, 1981, and the principles framed thereunder.”
The corporate said that it’s within the technique of submitting an sufficient illustration to MPCB for the revocation of the aforementioned closure route. Indokem has underlined that its operations have all the time been carried out in accordance with all current environmental and different statutory guidelines, and that the enterprise will proceed to take action.
Indokem manufactures chemical substances, dyes, and textile auxiliaries. Indokem Pvt. Ltd. was established as a member of the Khatau Group in 1946. It’s one in all India’s first dye producers. It has now change into a market chief within the provide of textile dyes and chemical substances to India. Our resourceful manufacturing capabilities, high-quality manufacturing, and cost-effective costs all contribute to our broad product portfolio.
At 1:09 pm, the shares of Indokem have been locked 5% decrease at Rs 829.15 on NSE.
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