Karachi January 12 2022: Cresent Jute Product Limited (CJPL) management is in process of implementing the closure plan approved by the BOD and shareholders, according to filling at exchange.
There were two parts of this plan .i.e. disposal of fixed assets and future business plan. As far as the disposal of assets is concerned, all the payments against disposal of assets have been received.
Management pleased to report that the significant progress has been made in settlement of liability of Bank of Punjab. However, after the settlement of Bank of Punjab liability no sufficient surplus funds were available, therefore, future business plan as approved by the shareholders in their meeting held in October 2011 cannot be implemented.
