Karan Singh Thakral and his persons acting in concert (PACs) have crossed the 5% shareholding threshold in DCM Limited . The group acquired 11,250 equity shares through open market transactions on August 21, 2026.

This acquisition brings the total holding of the acquirer and PACs to 9,40,953 shares, representing 5.03% of the company’s total voting capital. Prior to this transaction, the group held 9,29,703 shares, or 4.97% of the equity.

Acquisition Details

The disclosure was made under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquisition involved only voting rights carried by equity shares. There were no acquisitions of warrants, convertible securities, or other instruments entitling the acquirer to receive shares.

Capital Structure

DCM Limited’s total equity share capital remains unchanged at ₹18,67,77,490, consisting of 1,86,77,749 equity shares of ₹10 each. The acquisition did not involve any encumbrances such as pledges or liens. The mode of acquisition was strictly through open market purchases.

The group is not classified as part of the promoter or promoter group of the target company.

DCM Limited has disclosed that GCD Prime (Developer) has filed an appeal before the Hon’ble High Court of Delhi seeking to set aside the order dated July 28, 2026, which dismissed the developer’s petition under Section 9 of the Arbitration and Conciliation Act, 1996. The appeal challenges the court’s refusal to stay the operation of the Termination Notice issued by DCM Limited on November 1, 2025, regarding the Joint Development Agreement (JDA) for a project in Hisar, Haryana. This development follows the earlier dismissal of GCD Prime’s request to restrain DCM Limited from interfering with its legal rights or creating third-party interests in the subject land.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company received the copy of the appeal via email from the developer’s advocates on August 7, 2026, at 09:09 A.M. The filing marks a continuation of the legal dispute stemming from the termination of the JDA dated August 11, 2022, due to alleged breaches by the developer, including failure to secure revocation of a suspended license from the Haryana Government.

Background of the Dispute

The conflict originated from a Joint Development Agreement between DCM Limited and GCD Prime for the development of approximately 68.35 acres of land situated in Village Bir Hisar, Sector-23, Hisar, Haryana. Under the agreement, the parties intended to develop an affordable residential plotted colony under the Deen Dayal Jan Awas Yojna (DDJAY), 2016. The revenue sharing model stipulated that DCM Limited would receive 55% of the net sale revenue, while GCD Prime would receive 45%.

The project faced regulatory hurdles when the Director General, Town and Country Planning, Haryana, suspended License No. 179 of 2022 dated November 7, 2022, vide order no. LC-4455/JE(S)/2023/10909-21 dated April 18, 2023. The suspension was issued due to an inquiry into alleged unauthorized sale of land and illegal change of use. Consequently, the Haryana Real Estate Authority (HRERA), Panchkula, placed the project registration (HRERA-PKL-HSR-427-2023) in abeyance and directed HDFC Bank Limited to freeze the escrow account of DCM Limited.

Legal Proceedings Timeline

In its petition under Section 9 of the Act, GCD Prime had sought interim directions to stay the termination notice and restrain DCM Limited from taking steps that might prejudice its rights. The developer argued that it had performed all obligations and that the license suspension was attributable to statutory authorities rather than its own default. However, the Delhi High Court found that the petitioner failed to establish a prima facie case, balance of convenience, or risk of irreparable injury. The court noted that the JDA did not confer proprietary interest on the developer, limiting its rights to a share in net sales revenue.

Current Status and Financial Implications

Following the dismissal of the Section 9 petition, an arbitrator, Justice (Retd.) Badar Durrez Ahmed, was appointed as the Sole Arbitrator to adjudicate the disputes between the parties. However, the arbitration proceedings have not yet commenced. DCM Limited has stated that the expected financial implication of these proceedings is not determinable at this stage. Similarly, the quantum of claims remains undetermined. The company continues to monitor the situation and will provide further updates as required under regulatory guidelines.