Key Transaction Details

The Board of Directors approved the sale of the company's immovable property consisting of:

  • Survey numbers: 124/1B, 124/2, 124/3 and 123/2B
  • Total area: 17.92 Acres
  • Location: Krishnapuram Village, Palladam Taluk, Tiruppur District
  • Purchaser: M/s Vanam Realty and Farmlands Private Limited
  • Sale consideration: ₹2,15,04,000/- (Rupees Two Crore Fifteen Lakh Four Thousand only)

Meeting Details

  • Board Meeting timing: Commenced at 11:15 AM and concluded at 11:45 AM
  • Audit Committee meeting held on October 6, 2026 at the registered office
  • Both meetings held at the company's registered office: Door No. 181, VASANTHAM, 4th Cross Street, New Fairlands, SALEM-636016

Regulatory Compliance Assessment

The Audit Committee and Board determined that:

  • The proposed disposal does not constitute sale of the whole or substantially the whole of an undertaking under Section 180(1)(a) of Companies Act, 2013
  • No shareholder approval by special resolution required under Section 180(1)(a)
  • Transaction subject to verification of applicable statutory thresholds
  • Compliance with Companies Act, 2013, SEBI LODR Regulations, 2015, and company policies including Related Party Transaction Policy

Authorization and Execution

Mr. P. Palaniappan (DIN: 01577805), Managing Director, has been authorized to:

  • Negotiate and finalize terms and conditions of the transaction
  • Execute sale agreement, conveyance deed, and all transfer documents
  • Receive sale consideration on behalf of the company
  • Make necessary filings with Registrar of Companies, stock exchanges, and other regulatory authorities
  • Ensure compliance with SEBI Listing Regulations and other applicable laws

Related Party Consideration

The resolution notes that if the purchaser is a related party of the company, the transaction shall be subject to applicable Related Party Transaction provisions, including obtaining prior approvals as required under applicable law.

Documentation

Certified true copies of both Audit Committee and Board resolutions have been prepared and submitted as part of the disclosure.