Key Quantitative Figures
- Net Block value of land asset: ₹11,57,93,710 (as of March 31, 2026)
- The land represents approximately 99.75% of the company's total Property, Plant, and Equipment base
- Revenue contribution from the asset during last financial year: Nil (0% of operational revenue)
Dates of Action
- Board meeting date: September 18, 2026
- 33rd AGM scheduled date: September 25, 2026
- Expected completion of sale: Dependent upon matching commercial terms with prospective buyers post-shareholder approval
Parties Involved
- Regulatory references: SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023
- Regulatory references: SEBI LODR Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026
Purpose and Rationale
Seeking shareholder authorization via Special Resolution for sale and disposal of non-operational, barren land asset situated in Gujarat to maximize asset monetization value.
Transaction Details
- Asset description: Non-operational, barren land asset in Gujarat
- Buyer status: Not yet identified (definitive buyer not finalized)
- Transaction type: Not a Related Party Transaction
- Sale consideration: At or above fair market value determined by IBBI Registered Valuer
- Buyer restrictions: Will not be made to any related party or promoter group entity
Financial Impact
The land asset represents 99.75% of the company's PPE base with a net block value of ₹11.57 crore. The disposal will significantly reduce the company's fixed asset base. Exact financial impact will depend on final sale consideration achieved.
Capital Structure Impact
No direct impact on share capital or capital structure mentioned in the disclosure.
Governance Process
Requires shareholder approval via Special Resolution under Section 180(1)(a) of Companies Act, 2013. Board has approved seeking this authorization as an enabling umbrella resolution to systematically locate a buyer.