Dev Accelerator Limited has resolved a pending litigation matter with LRS Service Private Limited through an amicable settlement. The company executed a Settlement Deed with the opposing party on June 04, 2026, effectively concluding the proceedings before the Commercial Court at Kasna, Gautam Budh Nagar, Uttar Pradesh. The resolution was formally placed before Commercial Court No. 1, where the petition was disposed of based on non-pressing and the terms of the settlement.

Settlement Terms

The agreement outlines specific financial adjustments between the two parties. LRS Service Private Limited agreed to allow the adjustment of its security deposit of ₹12,13,000 against partial rent for the period from October to December 2024. Additionally, Dev Accelerator Limited has waived its claim of ₹17,50,000, which was payable by LRS under an earlier Settlement Deed dated August 30, 2025. This waiver also covers all claims towards rent for the remaining lock-in period and other related charges.

Financial Impact

The settlement stipulates that neither party has paid any penalty nor received any compensation. The company stated that the financial impact of this settlement is limited to the waiver of revenue bills that were previously raised on LRS. Both parties have agreed that all claims arising out of the Sub-Lease and its variations stand fully and finally settled, with no further claims permissible against one another.

Key Settlement Details

Dev Accelerator Limited promoter Umesh Satishkumar Uttamchandani declared that he and the promoter group did not create any encumbrance on shares during the financial year ended March 31, 2026. The disclosure, submitted to BSE Limited and National Stock Exchange of India Limited, confirms compliance with Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration assures investors that no shares were pledged directly or indirectly by the promoter group throughout FY26.

The filing, dated April 06, 2026, was addressed to the stock exchanges and the Audit Committee of dev accelerator . It explicitly states that no encumbrance was made by the promoter or the promoter group during the financial year 2025-2026. This regulatory requirement mandates promoters to disclose any pledging of shares to ensure transparency for shareholders.

Promoter and Promoter Group Details

The declaration covers a comprehensive list of individuals and entities associated with the company. The promoter group includes 53 names, ranging from individuals to corporate entities and Hindu Undivided Families (HUFs).

The full list of 53 entities is detailed in Annexure-A of the regulatory filing. The disclosure was signed by Umesh Satishkumar Uttamchandani on behalf of the promoter and promoter group.