Mahavir Spinning Mills is to seek shareholder's approval at its annual general meeting in August for mortgages to secure a loan.

The company had sought a term loan of Rs 155 crore from ICICI financial institution for the expansion and modernisation of the Malerkotla Unit, expansion of the Gassed Mercerised Yarn Unit and the setting up of the Sewing Thread Unit at Ludhiana.

Mahavir is seeking a resolution that the board of directors cannot sell, lease or dispose of the whole or substantially the whole of the company without the consent at a general meeting.


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