Manali Petrochemicals Limited (MPL) has received confirmation from its step-down subsidiary, Penn Globe Limited (PGL) in the UK, regarding the reinstatement of its own subsidiary, Penn Print Solutions Limited (PPSL).

This reinstatement is on a strictly time-limited basis and solely for the purpose of receiving and distributing Corporation Tax refunds due to PPSL. MPL confirms that no other business activities or transactions will be undertaken by PPSL, and voluntary strike-off proceedings will be initiated with Companies House once the refunds are received.

The company also confirms that there are no financial or material implications for Manali Petrochemicals Limited arising from this development.