Key Developments

  • The Hon'ble Supreme Court of India, in Civil Appeal No. 9735 of 2024, by its order dated July 17, 2026 (received by the Company on July 23, 2026), allowed I.A. No. 200247/2026 and permitted implementation of the Resolution Plan of Sharan Hospitality Private Limited ("SHPL").
  • The Supreme Court took on record the Consent and Dispute Settlement Agreement dated July 15, 2026 executed between Majestic Auto Limited and Assets Care & Reconstruction Enterprise Limited ("ARC").
  • The condition relating to resolution of proceedings before the Hon'ble Supreme Court and requirement of obtaining orders of the Hon'ble Supreme Court, as referred to in the Company's disclosure dated July 15, 2026, now stand fulfilled.

Implementation Details

  • The Company may proceed with implementation of the Resolution Plan of SHPL, including payment of the Resolution Plan Amount and the Additional Interest Amount contemplated thereunder.
  • Implementation includes execution of inter-related transaction documents (Securities Purchase and other transaction Agreements) in accordance with their respective terms and applicable legal and regulatory requirements.

Transaction Parties

  • Consent Agreement: Between Majestic Auto Limited and Assets Care & Reconstruction Enterprise Limited ("ARC")
  • Securities Purchase Agreements: With NovumLake Property Fund and 360 ONE Real Assets Advantage Fund along with related transaction counterparties under escrow and funding arrangements

Agreement Terms

  • No special rights such as appointment of directors, pre-emptive rights, or restrictions on capital structure of the Company
  • No shareholding in the entities with whom agreements are executed
  • Parties are not related to Promoter, Promoter Group or Group Companies of the Company
  • Transactions do not constitute related party transactions and are at arm's length
  • No issuance of shares to parties involved

Historical Context

This disclosure is in furtherance to earlier communications dated April 17, 2021, November 29, 2021, December 13, 2021, December 23, 2024 and July 15, 2026.