India Cotton Organization Wants To Take Legal Action Against 70 Yarn Companies.
India cotton
company
(CCI) the threat will take legal action against 70 yarn companies, which will default on their cotton purchase contracts after a sharp drop in cotton prices in the market.
Mishra, chairman and chief executive of the India Cotton Corp, said they had contacted the Central Bureau of investigation to find out whether to take criminal action against them.
During the period from November 2010 to March 2011, these companies agreed to purchase cotton from the India Cotton Corp for the price of 18000-3000 rupees / bags.
Cotton
market
Prices dropped sharply to 16000 rupees / bags.
therefore
These companies avoided meeting their contracts, so they broke their faith.
Mishra explained that in spite of the sharp rise in market prices in the past, the Cotton Corp of India still complying with their commitments.
This is the first time in 40 years that the market price of cotton has declined, and these companies have broken the contract.
The India Cotton Corp is a company under the Ministry of textiles, which is responsible for purchasing from cotton farmers.
cotton
Provide market support price, then process and sell these cotton, and the textile company will process these cotton into yarn.
Most of the more than 70 companies are located in southern India.
The Cotton Corp of India has contacted the court and filed a civil lawsuit. A notice has been sent to these companies, but no unit has responded.
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