Lodha Developers announced that Thane Commercial Tower A Management Private Limited has ceased to be a wholly owned subsidiary with effect from June 10, 2026. The cessation follows the transfer of proportionate equity shares to the unit holders of the Lodha iThink-Tower A project. This move is in accordance with contractual arrangements and the provisions of the Maharashtra Ownership Flats Act, 1963 (MOFA).

Thane Commercial was incorporated specifically to provide infrastructure, facility management, and allied services for the commercial building located at Eastern Express Highway, Thane. The transfer of shares corresponds to the unit holders' ownership in the project. The company stated that the transaction is not a slump sale and does not fall under related party transactions.

The subsidiary did not contribute to the turnover or revenue of the listed entity during the last financial year. As on March 31, 2026, the net worth contributed by the subsidiary was ₹ (1.25) lakh. The buyers are the designated unit holders of the premises, and none belong to the promoter or promoter group.

The completion of the transfer is expected before August 31, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sanjyot Rangnekar, Company Secretary & Compliance Officer, signed the filing.

Key Details of the Transaction

Lodha Developers Limited has secured shareholder approval to appoint Mr. Akhil Gupta and re-appoint Mr. Lee Polisano as Independent Directors following the conclusion of its postal ballot process on May 28, 2026. The resolutions were passed with the requisite majority, ensuring the continuity of leadership at the real estate major. The outcome strengthens the company's board governance structure as it moves forward with its strategic objectives.

The remote e-voting process, conducted under Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw participation from 927 shareholders. A total of 938,398,617 votes were polled, representing 93.93% of the outstanding shares. The scrutinizer, Shravan A. Gupta, validated the results, confirming that both special resolutions were approved.

Voting Results Summary

The appointment of Mr. Akhil Gupta (DIN: 00028728) received 99.88% of the votes polled, with 937,236,048 shares in favour and 1,162,569 against. The re-appointment of Mr. Lee Polisano (DIN: 09254797) for a second term was approved with 95.82% of the votes, where 899,151,278 shares favoured the resolution and 39,247,339 voted against it.

Procedural Details

The postal ballot notice was dispatched to members on April 28, 2026, with the remote e-voting period opening on April 29, 2026, and closing on May 28, 2026. The record date for determining eligibility was April 24, 2026, at which point the company had 159,889 shareholders on its register. Promoters and the promoter group held 721,928,503 shares and voted entirely in favour of both resolutions.

Public institutional shareholders showed significant support for Mr. Gupta's appointment, with 99.46% voting in favour, though their support for Mr. Polisano's re-appointment was lower at 81.69%. Public non-institutional shareholders overwhelmingly backed both candidates, with over 99.97% voting in favour for each resolution. The detailed results have been published on the company's website.