Mumbai, July 18: After a couple of days, the media has  that Neoteric is likely to exit from distribution, the company has confirmed it is to shut down the business.
A mail from the company’s spokesperson authorised by its Founder Paras Shas reads, “It has been extremely dynamic, challenging and highly competitive, few months back we decided to move on from the distribution business. “
It further reads, “Every closure of business has its set of challenges, and some aspects are not easy, even we are going through our set of experiences but it’s all manageable and moving in the right direction.  We are trying to ensure almost all neotericians are well-placed and reviews are being conducted on a weekly basis to achieve this goal.  Actions such as requesting other fellow distributors, vendors, other service providers or channel partners to look at them as possible talent. “
Neoteric also said that they are even helping them in other similar industries. Neoteric will continue putting efforts to ensure 100% all members are placed and are comfortable.
The company did not tell anything on the further plans of the organization as they are focusing on seamless and win-win closures.  “We take opportunity to thank all stakeholders including media, channel partners, vendor partners who have helped/supported us worked as a team to make so many years of association memorable.”, the note ended.