Balgopal Commercial Limited has announced a significant real estate development partnership through its wholly owned subsidiary. Dreamax Buildtech Private Limited has entered into a Joint Development Agreement (JDA) with Aakshya Ara Developers LLP on March 12, 2026, marking a strategic move in the Mumbai real estate market.

Project Details and Location

The joint development agreement covers an immovable property measuring 3770.80 square metres, strategically located at GTB Nagar, Lalbaug, Mumbai-400022. The property bears Survey No. 292 (part) and C.T.S No. 639 of Village Kurla, Taluka Kurla in Mumbai Suburban District.

Partnership Structure and Financial Terms

The joint venture establishes a clear partnership ratio between the two entities, with Dreamax Buildtech Private Limited holding 40% and Aakshya Ara Developers LLP maintaining 60% ownership. The financial arrangement includes a substantial security deposit commitment from the development partner.

Operational Framework and Responsibilities

Under the agreement terms, Aakshya Ara Developers LLP will assume comprehensive responsibility for the project development. The joint developer will undertake planning, development, construction, and implementation of the proposed real estate project on the identified land. Key operational responsibilities include:

• Managing 100% of construction costs
• Obtaining all necessary RERA approvals
• Completing the project within 48 months from land handover
• Conducting all marketing activities under the "Aakshya" brand name
• Assuming all operational and legal risks post-handover

Dreamax Buildtech Private Limited, as the New Developer, will be responsible for title clearance and demolishing existing structures on the property.

Strategic Benefits and Risk Management

The agreement provides a structured legal framework that allows Aakshya Ara Developers LLP to proceed with property development while ensuring Dreamax Buildtech Private Limited remains protected from operational defaults or third-party claims. The revenue and developed area from the project will be shared between the parties according to the established joint venture ratio, subject to receiving necessary approvals from relevant statutory authorities.

The partnership represents a domestic joint development initiative that leverages the expertise of both entities in the Mumbai real estate market. The arrangement allows Balgopal Commercial's subsidiary to participate in real estate development while transferring operational responsibilities to an experienced development partner.

Balgopal Commercial Limited's Board of Directors held a comprehensive meeting on March 6, 2026, at the company's registered office in Mumbai, approving multiple strategic proposals that require shareholder consent. The meeting, which commenced at 11:00 AM and concluded at 1:00 PM, addressed significant corporate governance and financial matters.

Key Financial Approvals

The board sanctioned several important financial proposals during the meeting. The most significant decision involved increasing the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013.

The board also approved entering into material related party transactions with associated entities, requiring shareholder approval under Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, the board decided against enhancing limits under Section 186 of the Companies Act, 2013, at present.

Corporate Restructuring and Leadership Changes

A major corporate decision involved approving the company's name change from "Balgopal Commercial Limited" to "Dreamax Ventures Limited," subject to Ministry of Corporate Affairs approval and other regulatory clearances. This change will require consequential alterations to the company's Memorandum of Association and Articles of Association.

The board recommended regularizing Mrs. Rashmi Bihani, who was appointed as Additional Non-Executive Independent Director on February 12, 2026, for a five-year term subject to shareholder approval.

Extraordinary General Meeting Details

To seek shareholder approval for these proposals, the board scheduled an Extraordinary General Meeting with specific procedural arrangements.

The remote e-voting facility will be available from Friday, March 27, 2026, at 9:00 AM until Sunday, March 29, 2026, at 5:00 PM. CS Nitesh Chaudhary, a Practicing Company Secretary, has been appointed as the Scrutinizer to oversee both remote e-voting and the voting process during the EGM.

Regulatory Compliance

All proposed resolutions comply with relevant provisions of the Companies Act, 2013, and SEBI regulations. The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing BSE Limited about the board meeting outcomes. The meeting was conducted at the company's registered office located at Crescent Royale, Andheri West, Mumbai, ensuring proper corporate governance protocols.