DS Kulkarni Developers held its 35th annual general meeting on September 10, 2026, where shareholders approved key corporate actions including material related-party transactions.

The meeting commenced at 11:30 am and concluded at 11:42 am via video conferencing or other audio-visual means. Bhushan Vilas Palresha, managing director, chaired the proceedings. Ms. Rishika Verma, company secretary, welcomed members and confirmed compliance with Ministry of Corporate Affairs and SEBI circulars regarding the virtual format.

Resolutions Approved

Members voted on ordinary and special business items. The board proposed three material related-party transactions for approval under special business. These involved Classic Promoters and Builders Private Limited, Ashdan Township Ventures Private Limited, and Ashdan Township Holdings Private Limited.

Under ordinary business, shareholders reviewed and adopted the audited standalone financial statements for the year ended March 31, 2026. They also approved the re-appointment of Sumit Ramesh Diwane as a director, who retires by rotation and offered himself for re-appointment.

Voting Process

The company facilitated remote e-voting from September 7 to September 9, 2026. E-voting remained open during the meeting and for 15 minutes after its conclusion. M/s. Saurabh Shukla & Associates served as the scrutinizer to ensure fair and transparent voting.

Item No. 4 of the original notice, concerning a transaction with Ashdan Township Ventures Private Limited, was withdrawn based on a corrigendum dated September 3, 2026. Consequently, it was not put to vote during the e-voting period. The detailed scrutinizer's report and final voting results will be communicated to stock exchanges by September 15, 2026.

DS Kulkarni Developers completed the transfer of 94,99,994 equity shares to Ashdan Township Holdings Private Limited on August 20, 2026. The move finalises a promoter group restructuring initiated in March 2024.

The transfer was delayed because trading in the company’s equity shares was suspended due to an ongoing National Company Law Tribunal (NCLT) Corporate Insolvency Resolution Process (CIRP). Trading resumed on August 3, 2026, following exchange approvals granted on July 31, 2026.

Transaction Details

The shares were transferred from the demat account of Ashdan Properties Private Limited (seller) to that of Ashdan Township Holdings Private Limited (acquirer). This action implements previously disclosed filings under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The company clarified that this transfer does not constitute a fresh transaction but rather the completion of the earlier reported inter-se transfer among qualifying persons. All rights pertaining to these shares had vested in the acquirer since the original acquisition date of March 6, 2024.

Regulatory Compliance

The transfer falls under Regulation 168(2) of the SEBI ICDR regulations, governing inter-se transfers within the promoter group. Consequently, the transferred shares remain subject to lock-in restrictions imposed by the exchanges until August 31, 2027.

The company had previously made disclosures under Regulation 10(5) and 10(6) of the SAST Regulations in February and March 2024. Additional disclosures under Regulation 29(1) and 29(2) regarding the acquisition and sale of more than 5% shares were filed on March 8, 2024.