Kiri Industries has received the full consideration of US$689.03 million (approximately ₹5,862 crores) following the en bloc sale of its entire 37.57% stake in DyStar Global Holdings, successfully concluding a decade-long legal dispute that began in 2015. The company confirmed that all agreements have been formally discharged and DyStar has ceased to be an associate company.

Transaction Completion and Legal Resolution

The divestment was completed through a court-supervised process managed by Singapore International Commercial Court (SICC) appointed receivers from Deloitte & Touche LLP. The formal discharge notification was received from the receivers' counsel on December 31, 2025, marking the official completion of all contractual obligations.

Decade-Long Legal Journey

The DyStar proceedings were initiated by Kiri Industries in 2015 to protect its rights as a minority shareholder. The matter progressed through multiple stages of litigation and appeals, ultimately confirming minority oppression on multiple counts. The court-directed valuation resulted in awards of interest, recovery of costs, and an order for the en bloc sale of DyStar.

Management Commentary and Strategic Impact

Commenting on the development, Mr. Manish Kiri, Chairman and Managing Director, stated: "This marks the successful conclusion of a long and complex legal journey that began in 2015. While the process required significant time and legal expenditure, our priority throughout was to safeguard shareholder interests and secure a fair economic outcome."

Regulatory Compliance and Future Outlook

Kiri Industries confirmed full compliance with SEBI regulations and obtained shareholders' approval through a Special Resolution in an Extraordinary General Meeting held on July 31, 2024. The company acknowledged the Singapore judicial system and SICC for fair adjudication, while expressing appreciation for Allen & Gledhill LLP's legal representation throughout the proceedings.

The resolution of the DyStar matter is expected to materially reduce ongoing legal expenses and enable management to focus on core businesses, diversification initiatives, and long-term growth strategy. With the full proceeds now received, the company is positioned to strengthen its balance sheet and deploy capital towards future growth opportunities.

Kiri Industries has formally rejected a new proposal from receivers concerning its stake in DyStar, marking a significant development in the ongoing negotiations. The chemical company has expressed serious concerns regarding the financial implications and uncertainty surrounding the proposed deal structure.

Rejection of Receivers' Proposal

Kiri Industries has cited specific concerns over cash flow requirements and the overall uncertainty associated with the receivers' latest proposal for the DyStar stake. This rejection represents a clear stance by the company against the current terms being offered by the receivers.

Opposition to Deadline Extension

Kiri Industries has also taken a firm position against extending the current deadline to March 2026. The company believes that the proposed timeline extension would not serve its interests or resolve the underlying concerns with the deal structure.

Court Appeal for Alternative Bidders

In a strategic move, Kiri Industries has formally requested the Singapore Court to consider offering the deal to other potential bidders. This request suggests that the company believes alternative proposals might better address its concerns and provide more favorable terms.

Company's Strategic Position

The rejection and court request indicate Kiri Industries' commitment to securing a more suitable arrangement for its DyStar stake. Key aspects of the company's position include:

• Rejection of current receiver proposal due to cash concerns
• Opposition to March 2026 deadline extension
• Request for court to explore alternative bidders
• Focus on reducing deal uncertainty

This development in the DyStar stake negotiations demonstrates Kiri Industries' proactive approach to protecting its interests while seeking more favorable deal terms through the Singapore Court system.