W.S. Industries (India) Limited

Board Meeting Details

The Board of Directors meeting was held on Tuesday, 26th May 2026. The meeting commenced at 17:10 Hrs and concluded at 17:19 Hrs.

Key Decision Approved

The Board considered and approved the mutual surrender, cancellation, and termination of the existing Lease Agreement dated 26th April 2023 entered into with M/s. Aarnav Business Park. This agreement pertains to the Company's vacant industrial land situated at Shettigere Village, Jala Hobli, Bengaluru District (previously Devanahalli Taluk), near Bengaluru.

Land Details and Transaction Terms

The land admeasures approximately 2365.38 Sq. Mtrs. (25,460.75 Sq. Ft.). The Board approved the consequent sale/transfer of this land in favour of M/s. Aarnav Business Park for a consideration of not less than ₹6.04 Crores. The transaction is subject to the execution and registration of necessary deeds, agreements, and documents, and the completion of applicable formalities.

Settlement of Obligations

The Board also approved the settlement of all obligations arising from the existing lease arrangement. This includes the settlement/repayment of the amount received pursuant to the original Lease Agreement and related transaction obligations, as part of the overall negotiated commercial arrangement between the parties.

Shareholder Approval Not Required

The Board noted that after considering Section 180(1)(a) of the Companies Act, 2013, the Company's financial parameters, and the nature and value of the land, the asset does not constitute an "undertaking" as defined by the Act. Therefore, shareholder approval is not required for this transaction.

Regulatory Disclosures (Annexure I)

The disclosure includes an annexure as required by SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023.

  • The land does not constitute a separate unit, division, or undertaking of the Company.
  • Definitive agreements for the sale are yet to be executed.
  • The expected date of completion is upon the execution and registration of necessary documents and the fulfilment of customary conditions and formalities.
  • The consideration for the disposal is not less than ₹6.04 Crores.
  • The proposed purchaser is M/s. Aarnav Business Park, which does not belong to the promoter/promoter group/group companies of W.S. Industries.
  • The transaction is not a related party transaction.
  • The disposal is outside a Scheme of Arrangement, and Regulation 37A of the SEBI LODR Regulations is not applicable.
  • The transaction does not constitute a slump sale.