Fiberweb (India) Limited at its 59th Meeting of the Board of Directors held on 17 March, 2023 have considered and approved the close down off the Wholly Owned Subsidiary of the company M/s Sheth Non-Woven Trading FZE situated in Ras Alkhaimah, United Arab Emirates due to its non-operations. The Wholly Owned Subsidiary of the company M/s Sheth Non Woven Trading FZE situated in Ras Alkhaimah, United Arab Emirates was formed on 05th March, 2017. The total sales decreased from INR 2,861,689,000 in Fiscal Year 17-18 to INR 1,973,024,000 in Fiscal Year 18-19 due to fact that during the year 100 % subsidiary business in RAK Free Trade Zone, UAE, had to stop the business of exporting to USA from September 2018, due to trade war and tariff levied by USA on Chinese made material imported from China.

The Subsidiary was buying from China and exporting to USA. The Company waited nearly for three years with the hope that situation will improve and the company shall revive its business. The company doesn't see any chance of its revival.

The Audit Committee of the company recommended closing off down the subsidiary. Hence, the board decided to close down the subsidiary of the company.