Maiyas goes for full restructuring – The Hindu

Maiyas Beverages and Foods Pvt. Ltd. has embarked upon a comprehensive restructuring exercise in order to recoup the market share it had lost in the countrys ready-to-eat, ready-to-drink, curry spices and pickles markets.

The companys business restructuring plan comes two days after the Bengaluru bench of the National Company Law Tribunal (NCLT) quashed MTR Foods (which was among the bidders for Maiyas) charge that it had sold its restaurant business in an undervalued deal before the corporate insolvency solution process even started.

NCLTs dismissal of MTR Foods allegations has cleared way for the take over of Maiyas Beverages and Foods by Akashika Foods Pvt. Ltd, a consortium of employees, vendors and distributors of Maiyas, backed by …

Read the full article at: https://www.thehindu.com/business/Industry/maiyas-goes-for-full-restructuring/article27152108.ece

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