Praxis Home Retail Limited has received an order from the National Company Law Tribunal (NCLT) Mumbai Bench directing the company to hand over its leased premises at The Acropolis Mall in Ahmedabad and pay outstanding lease rentals. The order, received on March 18, 2026, requires compliance within 30 days and stems from insolvency proceedings involving the mall management company.

NCLT Order Details

The tribunal order relates to Interlocutory Application in Company Petition (IB) No. 865 of 2022 filed by Aegis Resolution Services Private Limited, which serves as the Resolution Professional of Ojas Tradelease and Mall Management Private Limited. The case was brought against Praxis Home Retail Limited and other parties.

Regulatory Compliance and Legal Framework

The NCLT determined that the lease deed constitutes a transaction covered under Section 66 of the Insolvency and Bankruptcy Code, 2016. This classification has significant implications for the company's obligations regarding the leased premises and outstanding rental payments.

The company has disclosed that it is currently seeking legal advice and will take appropriate steps in the best interest of the organization. This disclosure follows previous communications dated November 3, 2025, and November 11, 2025, indicating ongoing legal proceedings.

Financial Impact Assessment

Praxis Home Retail has provided an assessment of the potential financial implications of the store closure:

Management Response and Next Steps

The company management has indicated that the Ahmedabad store has faced operational challenges, primarily due to low customer footfall and elevated operating expenses. These factors have rendered the outlet commercially unviable, limiting its contribution to the company's overall revenue stream.

Praxis Home Retail has committed to keeping stock exchanges informed of any further developments in this matter. The company is evaluating its legal options while preparing to comply with the tribunal's directives within the specified timeframe.

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments affecting the company's operations.

Praxis Home Retail Limited has announced the sudden demise of its Chairman and Independent Director, Mr. Vijai Singh Dugar, who passed away on March 14, 2026. The company informed stock exchanges BSE and NSE about this development through a regulatory filing under Regulation 30 of SEBI Listing Regulations.

Board Tenure and Contributions

Mr. Dugar had been associated with Praxis Home Retail since August 12, 2024, marking his first term on the Board of Directors. During his tenure, his experience and expertise in Financial Accounting, Internal Audit, and Strategic business planning proved invaluable to the company's operations.

Committee Positions

Following his demise on March 14, 2026, Mr. Dugar ceased to hold his positions on key board committees:

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 read with Para A (7) of Part A of Schedule III of the Listing Regulations and SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026. The cessation details have been formally communicated to both BSE and NSE.

Company Statement

The Board of Directors and senior management have conveyed their deepest sympathy and heartfelt condolences to Mr. Dugar's bereaved family. The company stated that Mr. Dugar will always be remembered with great respect and admiration for his contributions during his tenure.

The disclosure has also been made available on the company's official website at www.praxisretail.in , ensuring transparency and compliance with regulatory requirements.