Ruby Mills has announced the finalization of a settlement agreement with Mindset Estates, bringing closure to their development agreement dispute. The resolution marks the end of legal proceedings between the two parties and provides a clear path forward for both organizations.

Settlement Details

The settlement agreement represents a mutual resolution that addresses the issues arising from the development agreement dispute. Both parties have agreed to the terms, effectively ending any ongoing litigation or legal uncertainties related to their previous contractual arrangements.

Impact on Operations

The resolution of this dispute eliminates potential legal costs and uncertainties that could have affected Ruby Mills' business operations. By reaching a settlement, the company can now focus its resources and attention on its core textile business activities without the distraction of prolonged legal proceedings.

Moving Forward

With the settlement finalized, Ruby Mills can proceed with greater clarity regarding its operational and strategic decisions. The resolution demonstrates the company's commitment to resolving disputes through negotiation and mutual agreement, which can be beneficial for maintaining business relationships and avoiding costly litigation processes.

Ruby Mills Limited has successfully resolved a significant corporate dispute through the execution of a comprehensive settlement agreement on December 11, 2025. The textile company disclosed this development to stock exchanges on December 12, 2025, in compliance with SEBI Listing Regulations.

Settlement Agreement Details

The settlement agreement was executed under the mediation of Honourable Justice Mr. Sharukh J. Kathawala (Retired), who was appointed as the Mediator under the applicable framework. The agreement resolves matters concerning the Revenue Share Development Agreement between Ruby Mills Limited (the Owner) and Mindset Estates Private Limited (the Developer).

Key Terms and Provisions

The settlement agreement encompasses several critical aspects of the dispute resolution:

• Mutual Understanding: The agreement records the mutual understanding arrived at between the parties regarding matters in determining the amount due for cessation of the Development Agreement
• Comprehensive Resolution: All rights, obligations, asset allocations, and responsibilities between the parties have been finally determined as per the terms of the agreement
• Full Settlement: The parties have agreed that the settlement agreement shall constitute a full and final settlement, with no further claims subsisting outside the scope of the agreement
• Binding Nature: The agreement is binding on all parties involved

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III, Part A, Para B(4). The company also referenced relevant SEBI circulars including SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025.

Corporate Governance Impact

Company Secretary and Compliance Officer Anuradha Tendulkar signed the disclosure, stating that the information provided is true, correct, and complete to the best of her knowledge and belief. The disclosure emphasizes the company's commitment to transparency and good corporate governance practices.

This settlement represents a significant milestone for Ruby Mills Limited in resolving the development agreement dispute and provides clarity on the cessation of the Development Agreement with Mindset Estates Private Limited.