The Board of Directors of Celebrity Fashions Ltd at its meeting held on February 22, 2008, inter alia, has approved to sell the undertaking situated at Plot No. K56, 57 and 59 of SIPCOT Industrial Park, irrungattukottai, Sriperumbudur, Kancheepuram District on a Slump Sale basis.To relocate the manufacturing unit situated at Velachery Tambaram Road, Pallikaranal, Chennai and to sell that land and building.To relocate other manufacturing units in any of the existing manufacturing unit and sell / dispose the Company’s Land and Building as they deem appropriate.The decision to sell the undertaking was taken considering the following and subject to the approval of the shareholders, Banks and SIPCOT.The Company decided to focus significantly to the domestic branded market as against the current focus of exports markets due to the challenging business environment on account of Rupee appreciation against USD and the international competition.The sale proceeds will also help the Company to repay the term loans in full availed for constructing the plant as well as the working capital loan availed from banks.