Nila Spaces Limited shareholders approved the appointment of Deep S. Vadodaria as Chairman and Managing Director during the company's 26th Annual General Meeting (AGM) held on September 29, 2026. The resolution, passed via remote e-voting and live e-voting, marks a significant leadership transition for the real estate developer.

The meeting also ratified the remuneration of cost auditor M/s Dalwadi & Associates and approved the re-appointment of Prashant H. Sarkhedi as Whole Time Director (Director Finance). Additionally, shareholders adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026.

Key Resolutions Passed

The AGM addressed several special business items, including borrowing powers and related party transactions. All resolutions were passed with the requisite majority.

Governance and Voting Details

The proceedings commenced at 11:30 am through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The Company Secretary provided statutory declarations and instructions for shareholder participation. Remote e-voting was open from September 24, 2026, to September 28, 2026, while live voting remained available for 15 minutes after the conclusion of the meeting.

A total of 48 shareholders participated in the meeting via VC/OAVM. This included 6 members from the promoter and promoter group and 42 public shareholders. The record date for determining eligible voters was September 22, 2026.

Related Party Transactions

Shareholders approved modifications to material related party transactions with Nila Urban Living Private Limited for FY27. Furthermore, material related party transactions involving the newly appointed CMD, Deep S. Vadodaria, were approved for the same fiscal year. These approvals align with regulatory requirements under the Companies Act, 2013.

Promoter Kiran B Vadodaria sold 3,06,689 equity shares of Nila Spaces Limited, reducing her shareholding by 0.08%. The transaction was executed via an open market sale on September 21, 2026.

Following this latest disposal, Vadodaria's holding stands at 2,47,33,008 shares, representing 6.28% of the total paid-up equity share capital. Prior to this sale, she held 2,50,39,697 shares, or 6.36% of the capital.

This sale follows an earlier divestment in mid-September where Vadodaria sold 10,00,000 shares on September 17 and 18, 2026, which had reduced her stake from 6.61% to 6.36%. The cumulative effect of these transactions has moved her holding further below the 6.5% threshold.

The disclosures were submitted under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The company confirmed it received the necessary documentation from the promoter regarding the change in shareholding.

Shareholding Details

What the Numbers Show

The recent sale of 3,06,689 shares is significantly smaller than the 10,00,000 shares sold earlier in September, indicating a tapering of selling intensity. Combined with the previous transaction, the promoter's stake has decreased from 6.61% to 6.28% within a single week. Despite these divestments, the total equity capital of Nila Spaces remains unchanged at ₹39.39 crore.