The Hon'ble Delhi High Court, presided over by Justice Jasmeet Singh, on July 28, 2026, dismissed the Section 9 petition filed by GCD Prime against DCM Limited under the Arbitration and Conciliation Act, 1996, vacating all interim orders. DCM Limited received the copy of the court order on July 28, 2026, at 7:30 P.M., and disclosed the development to the stock exchanges on July 29, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background: The Joint Development Agreement and Termination

The dispute traces its origins to a Joint Development Agreement (JDA) executed between DCM Limited and GCD Prime on August 11, 2022, for the joint development of DCM's land admeasuring approximately 68.35 acres situated at Village Bir Hisar, Sector-23, Hisar, Haryana, under the Deen Dayal Jan Awas Yojana-2016 (DDJAY) policy. Under the JDA, GCD Prime was entitled to retain 45% of the net sales revenue, while DCM Limited was entitled to 55%. GCD Prime paid Rs. 50 crores in advance and obtained a development license bearing No. 179 dated November 7, 2022, from the Directorate of Town and Country Planning, Haryana, for setting up an affordable residential plotted colony on 67.275 acres of the subject land.

However, on April 18, 2023, the Director General, Town and Country Planning, suspended the license on account of an inquiry initiated against DCM regarding alleged unauthorized sale of land and illegal change of use. Following over two years of inordinate delay in revocation of the suspension, DCM Limited's Board, in its meeting held on November 1, 2025, approved the issuance of a Notice of Forfeiture and Termination to GCD Prime under Clause 11.3 of the JDA, notifying that the amounts paid by GCD Prime under the JDA would stand forfeited and the JDA would stand terminated upon expiration of 15 days from receipt of the notice.

Key Milestones in the Dispute

The following table summarises the key events in the chronology of the dispute:

Reliefs Sought and Court's Findings

GCD Prime had approached the Delhi High Court seeking, inter alia, the following reliefs:

• Stay on the operation of the Termination Notice dated November 1, 2025.
• Restraint on DCM Limited from interfering with GCD Prime's legal rights over the concerned land and/or creating any third-party rights.
• Directions to maintain status quo with respect to the ownership, possession, title, rights, and development of the subject land.
• Directions to maintain status quo with respect to the terms and performance of the JDA until conclusion of arbitration proceedings.

The court, after hearing arguments at length, held that GCD Prime failed to establish the three-fold test required for grant of interim relief under Section 9 of the Act, namely: a good prima facie case, balance of convenience in favour of the petitioner, and risk of irreparable loss and injury.

Court's Analysis on Prima Facie Case and Balance of Convenience

On the question of prima facie case, the court observed that Clause 4.4.1 of the JDA imposed a continuing obligation on GCD Prime to not only obtain necessary approvals and licenses but also to keep them valid and subsisting throughout the project period. The court held that GCD Prime's contention that its obligation was limited to obtaining the license and did not extend to its reinstatement after suspension was contrary to the express contractual stipulation under Clause 4.4.1.

On the balance of convenience and irreparable injury, the court found that the JDA did not create any proprietary or possessory interest in the subject land in favour of GCD Prime. The development was structured on a profit-sharing model of 45% and 55%, and accordingly, GCD Prime's entitlement was limited to a 45% share in the net sales revenue. The court held that any loss suffered by GCD Prime could be compensated in monetary terms and that the petitioner could seek damages before the Sole Arbitrator if it succeeded in the arbitration proceedings.

Arbitration Proceedings and Disclosure

Pursuant to the notice received from GCD Prime under Section 21 of the Arbitration and Conciliation Act, 1996 on March 18, 2026, a Sole Arbitrator — Hon'ble Mr. Justice (Retd.) Badar Durrez Ahmed — was appointed with the consent of the parties. However, as disclosed by DCM Limited, the arbitration proceedings have not yet commenced. The court clarified that its observations in the judgment were confined to the Section 9 petition and that the Sole Arbitrator shall be at liberty to draw independent conclusions after evidence is led in the matter. DCM Limited's Managing Director, Vinay Sharma, signed the regulatory disclosure filed with the stock exchanges on July 29, 2026.

DCM Limited has opened the remote e-voting process for shareholders to approve the appointment of Maj. Gen. Shailendra Singh, SM (Retd.) as a Non-Executive & Independent Director. The resolution proposes a five-year term for the director, filling the vacancy created by the resignation of Mr. Ajay Vir Jakhar effective February 4, 2026. The company has completed the dispatch of the notice of the postal ballot dated May 28, 2026, electronically to eligible members.

The Board of Directors appointed Maj. Gen. Shailendra Singh as an Additional Director designated as Independent Director on May 12, 2026, subject to member approval. The candidate, who holds a Director Identification Number (DIN) of 11707781, has submitted a declaration confirming his independence under Section 149 of the Companies Act, 2013, and Regulation 16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. His remuneration will include sitting fees for board and committee meetings and reimbursement of expenses, with no profit-related commission specified beyond statutory limits.

E-voting Schedule and Process

The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process. The voting period commences at 09:00 A.M. (IST) on June 16, 2026, and concludes at 05:00 P.M. (IST) on July 15, 2026. Once a vote is cast, it cannot be modified. Only members registered in the Register of Members or List of Beneficial Owners as of the cut-off date, June 5, 2026, are eligible to vote.

Scrutiny and Declaration

Ms. Pragnya Parimita Pradhan, a Company Secretary in Practice, has been appointed as the Scrutinizer to oversee the voting process. She will submit her report to the Chairman on or before July 17, 2026. The results of the postal ballot, along with the Scrutinizer's report, will be declared on or before July 17, 2026, and hosted on the company's website and NSDL's e-voting portal. The resolution, if passed by the requisite majority, will be deemed effective from the last date of the e-voting period.

Maj. Gen. Shailendra Singh brings over 36 years of experience from the Indian Army, specializing in counter-terrorism, disaster management, and operational planning. He is an alumnus of Mayo College and Delhi University and holds multiple master's degrees. The Board of Directors has recommended the special resolution for approval by the members.