Neelkamal Tower Construction LLP, a promoter of Valor Estate Limited , has confirmed that it and persons acting in concert have not created any encumbrance over the shares held by them in the company during the financial year ended March 31, 2026. The disclosure, submitted to the stock exchanges, asserts that no direct or indirect encumbrance has been made other than those already disclosed for the period.

The filing was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The regulation requires promoters to disclose any encumbrance on their shareholdings to ensure transparency for investors. The letter, addressed to the listing departments of BSE Limited and National Stock Exchange of India Limited, was signed by Salim Balwa, Designated Partner of Neelkamal Tower Construction LLP.

The disclosure identifies 11 entities and individuals as persons acting in concert with the promoter. The list includes Neelkamal Tower Construction LLP itself, Shahid U. Balwa, and several other individuals bearing the Balwa surname, as well as SB Fortune Realty Pvt. Ltd. The document specifies that other entities categorized under the promoter group in the latest shareholding pattern have been excluded from the list as they did not hold any shares during the financial year ended March 31, 2026.

The following table details the persons acting in concert with the promoter as on March 31, 2026:

The definition of persons acting in concert is referenced as per Regulation 2(pp) of the SEBI (ICDR) Regulations, 2018. A copy of the disclosure has been forwarded to the members of the Audit Committee of Valor Estate Limited for their records.

Valor Estate Limited has announced a postal ballot to seek shareholder approval for revising the remuneration of its Executive Chairman cum Managing Director, Mr. Vinod K. Goenka, and Executive Vice Chairman cum Managing Director, Mr. Shahid Balwa. The resolutions propose increasing the remuneration ceiling for both directors to ₹12 crore per annum, excluding perquisites and reimbursements. The remote e-voting process is scheduled to commence on June 10, 2026, and conclude on July 9, 2026.

The company has engaged National Securities Depository Limited (NSDL) to facilitate the remote e-voting. Shareholders whose names appear in the Register of Members or the Register of Beneficial Owners maintained by the depositories as on June 5, 2026, are eligible to vote. The results of the postal ballot will be announced within two working days from the conclusion of the e-voting period.

Remuneration Revision Details

The Nomination and Remuneration Committee recommended the revision in remuneration for Mr. Vinod K. Goenka, effective from June 1, 2026. His current gross remuneration is ₹2.25 crore per annum, which is proposed to be increased to ₹4.50 crore per annum as the minimum remuneration. The Board, including the committee, will have the authority to revise this amount up to a maximum ceiling of ₹12 crore per annum based on performance and contribution.

Similarly, for Mr. Shahid Balwa, the proposal seeks to empower the Nomination and Remuneration Committee to determine and revise his remuneration, subject to a maximum ceiling of ₹12 crore per annum. His current remuneration stands at ₹4.50 crore per annum. The revised terms will be applicable for the remaining tenure of their appointments, which extend until August 31, 2028, for Mr. Goenka and December 9, 2027, for Mr. Balwa.

Financial Performance and Governance

The company’s explanatory statement highlights a substantial increase in business activities, including the development of a hotel project in New Delhi and an International Convention Centre in Goa. It notes that the company expects to achieve a debt-free position on both a standalone and consolidated basis in FY 2026-27. The financial performance for the year ended March 31, 2026, shows a consolidated profit after tax of ₹2701.48 lakh, compared to a loss of ₹11803.10 lakh in the previous year.

The company confirmed that it is not in default of payment to any secured creditors, and therefore, no prior approval from such creditors is required for the proposed remuneration revisions. The Board has recommended the special resolutions for approval by the members.