Praxis Home Retail Limited has announced the completion of Mr. Jacob Mathew's tenure as Independent Director, marking the end of his five-year term with the company. The announcement was made through a regulatory filing to BSE Limited and National Stock Exchange of India Limited on March 25, 2026.

Director Tenure Completion Details

Mr. Jacob Mathew, holding Director Identification Number (DIN) 00080144, completed his first term of five consecutive years as Independent Director on March 25, 2026. The cessation became effective from the close of business hours on the same date.

Company's Official Statement

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically regarding changes in management. The company emphasized that the cessation was solely due to the completion of tenure and confirmed that Mr. Jacob Mathew has not sought re-appointment for a second term.

The Board of Directors and Management of Praxis Home Retail Limited placed on record their sincere appreciation for the valuable contributions, guidance, and services rendered by Mr. Mathew during his association with the company.

Regulatory Compliance

The company has fulfilled its disclosure obligations as required under SEBI circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, read with SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024. The requisite disclosure has been provided as Annexure A to the filing.

The information has also been made available on the company's official website at www.praxisretail.in for stakeholder reference. Company Secretary and Compliance Officer Charu Srivastava (ACS No. 27108) signed the disclosure document on behalf of the company.

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.