While the committee of creditors (CoC) of Sintex Industries Ltd has approved the joint bid of Reliance Industries Ltd (RIL) and Assets Care & Reconstruction Enterprise (ACRE) to acquire the debt-ridden textiles company under the insolvency resolution process (IRP), dozens of shareholders have sent emails to the resolution professional (RP) against the proposed delisting of Sintex.
Sintex Industries Ltd shares are locked in the lower circuit from 11 January 2022 onwards after a report from The Economic Times mentioned that Reliance Industries Ltd (RIL) and Welspun have emerged as the top two contenders with conditional bids to acquire the bankrupt company.