Skyline Millars Limited , a prominent player in the real estate and construction sector, has announced a significant corporate restructuring involving its promoter, Dave Builders Private Limited. The National Company Law Tribunal (NCLT) has approved a Scheme of Arrangement that will result in the demerger of Dave Builders' shareholding in Skyline Millars, effectively redistributing ownership among three newly formed entities.

Key Details of the Demerger

The NCLT sanctioned the Scheme of Arrangement on June 26, 2025, with an appointed date of April 1, 2025. Under this scheme, Dave Builders Private Limited's entire stake of 57,20,910 equity shares in Skyline Millars will be transferred to three resulting companies:

This restructuring represents a significant shift in the ownership pattern of Skyline Millars, with the promoter's holdings now distributed among these newly formed entities.

Rationale Behind the Demerger

The company stated that the demerger is aimed at achieving several strategic objectives:

1. Greater administrative efficiency
2. Operational rationalization and organizational efficiency
3. Focused management approach for each business unit
4. Enhanced ability to leverage financial and operational resources
5. Improved capital allocation for independent business opportunities

Maulik Dave, Whole-time Director of Skyline Millars Limited, emphasized that this restructuring is designed to ensure better operational management and accelerated growth of individual units, potentially leading to higher returns for shareholders and employees.

Regulatory Compliance and Next Steps

The NCLT order stipulates that the companies involved must file the necessary forms with the Registrar of Companies within 30 days and pay applicable stamp duty within 60 working days. Skyline Millars has assured stakeholders that the interests of creditors and employees will be protected throughout this transition.

Impact on Shareholders

While the demerger primarily affects the promoter group's shareholding structure, it may have implications for all shareholders in terms of the company's future strategic direction and operational focus. The company's management believes that this restructuring will create value for all stakeholders by allowing for more targeted growth strategies across different business segments.

Annual General Meeting Update

In related news, Skyline Millars Limited recently held its 105th Annual General Meeting on September 24, 2025, where shareholders approved key resolutions, including the adoption of financial statements and the reappointment of Mr. Ashok Patel as a director. The meeting, conducted through video conferencing, saw active participation from both promoter group members and public shareholders.

As Skyline Millars Limited embarks on this new chapter, stakeholders will be keenly watching how the restructured ownership influences the company's strategic decisions and overall performance in the coming years.

Skyline Millars Limited , a real estate company, has announced its financial results for the first quarter, revealing a significant net loss and operational challenges.

Financial Performance

The company reported a net loss of ₹34.39 crore for Q1, a substantial increase from the ₹18.44 crore loss recorded in the same period last year. Despite the widened losses, Skyline Millars saw a notable improvement in its revenue from operations, which rose to ₹54.11 crore compared to zero revenue in the corresponding quarter of the previous year.

Operational Highlights

• Total Income: ₹61.17 crore (including other income of ₹7.06 crore)
• Total Expenses: ₹95.56 crore
• Cost of Construction: ₹44.75 crore (largest expense component)
• Employee Benefits Expenses: ₹7.89 crore
• Other Expenses: ₹42.70 crore

Key Financial Metrics

Project Updates

Skyline Millars has made progress on some of its real estate projects:

1. Karjat Property: The company has commenced construction work on the 'F-Wing' at its Karjat property, signaling a positive development in its project pipeline.

2. Ghatkopar Development: The development at Ghatkopar remains stalled since 2011 due to pending matters in the Supreme Court. The company is unable to launch the next phase of development at this location until the legal issues are resolved.

Management Commentary

The company's management, in its filing with the BSE, stated that Skyline Millars is primarily engaged in the Real Estate business. After the discontinuation of the Umreth division, there is only one reportable segment for the company.

Auditor's Review

SGDG & Associates LLP, the company's auditors, conducted a limited review of the financial results. They reported that nothing has come to their attention that causes them to believe that the financial statements do not present a true and fair view in accordance with applicable accounting standards and SEBI regulations.

Outlook

While Skyline Millars has shown an improvement in operational revenue, the significant increase in losses presents challenges for the company. The commencement of construction at the Karjat property may provide some positive momentum, but the ongoing legal issues at Ghatkopar continue to impact the company's development plans in that area.

Investors and stakeholders will be watching closely to see how Skyline Millars manages its expenses and capitalizes on its operational improvements in the coming quarters.