NEO INFRACON LIMITED
Security Name: NEOINFRA
Board Meeting Details
The Board of Directors of Neo Infracon Limited held a meeting on Friday, October 23, 2026, through Video Conferencing. The meeting commenced at 12:00 PM and concluded at 1:30 PM.
Approved Matters
1. Investment in Partnership Firm: The Board, based on the recommendation of the Audit Committee from its meeting held on October 23, 2026, approved an investment in the partnership firm "M/S. Rubberwala & Neo Venture." The investment involves a capital contribution of ₹54,000 for a 54% share in the partnership, making the company a partner with a fixed capital for Real Estate Business. This approval is subject to applicable laws, approvals, and compliances.
2. Authorization for Execution: The Board authorized Mr. Bhavik Nareshkumar Mehta, Director of the Company, to execute and sign all necessary documents, declarations, applications, and other papers required to complete the aforementioned investment.
3. General Authorization: The Board further authorized the Director to undertake all necessary acts, deeds, and things to give effect to the investment decision.
Details of the Target Entity (Annexure A)
Name of Target Entity: Rubberwala and NeoVenture
Purpose of Investment: Strategic Investment for capital contribution and profit-sharing interest.
Related Party Transaction: The transaction constitutes a Related Party Transaction under Section 188 of the Companies Act, 2013. Promoters Mr. Nareshkumar Keshimal Mehta and Mr. Dilipkumar Keshirmal Mehta (CFO-Promoter) hold an aggregate 70% partner interest in Rubberwala & Neo Ventures prior to this transaction. The disclosure states the transaction is on an arm's-length basis, in the ordinary course of business, and that the terms are fair, reasonable, and not prejudicial to the interests of the company or its minority shareholders.
Industry: Construction and real estate activities.
Governmental/Regulatory Approvals: Not Applicable.
Indicative Time Period for Completion: The approval for capital contribution was received on October 23, 2026.
Consideration: Cash.
Cost of Acquisition & Stake: A capital contribution in the partnership firm for a profit and loss sharing ratio of 54%.
Background of Acquired Entity: M/S. Rubberwala & Neo Venture is a registered partnership deed. It was started in 2008 after acquiring a property at Tardeo, Mumbai, for the purpose of reconstructing and redeveloping it. It is described as a Special Purpose Vehicle (SPV) for the redevelopment of this project and has recorded no turnover to date.