Embassy developments Limited has successfully completed the voluntary strike-off of its non-operational step-down subsidiary, Lenus Constructions Limited (LCL). The company informed stock exchanges on March 10, 2026, that LCL's name has been struck off from the register of companies maintained by the Registrar of Companies, Delhi, effectively dissolving the subsidiary.

Corporate Structure Simplification Initiative

The strike-off forms part of Embassy Developments' broader strategy to simplify its corporate structure and reduce unnecessary administrative and compliance costs. This follows the company's earlier intimation dated February 05, 2026, regarding the voluntary strike-off of non-operational subsidiaries. LCL had made a voluntary application to the concerned Registrar of Companies, Delhi, which resulted in its dissolution.

Key Transaction Details

The company has provided comprehensive disclosure details as required under SEBI regulations:

Regulatory Compliance and Disclosure

Embassy Developments emphasized that this event does not qualify as a sale of any units, divisions, or substantially the whole undertaking of the listed entity. However, following good corporate governance practices and as an abundant precaution, the company has provided detailed disclosure in the format prescribed under the SEBI master circular dated January 30, 2026.

The company confirmed that LCL had nil contribution to the parent company's financial performance during the last financial year, making it a purely administrative exercise to remove a non-operational entity from the corporate structure.

Impact on Operations

With the completion of this strike-off, LCL has ceased to be a step-down subsidiary of Embassy Developments Limited. The dissolution is expected to streamline the company's corporate structure while reducing ongoing compliance and administrative obligations associated with maintaining non-operational subsidiaries.

The announcement was signed by Company Secretary Vikas Khandelwal and filed with both BSE Limited and National Stock Exchange of India Limited in compliance with listing obligations and disclosure requirements.

Embassy Developments Limited has provided an update to stock exchanges regarding ongoing proceedings before the National Company Law Appellate Tribunal (NCLAT) concerning a Corporate Insolvency Resolution Process (CIRP) matter. The company filed this intimation under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

NCLAT Hearing Progress

The matter appeared before the Hon'ble NCLAT on February 27, 2026, where the tribunal heard submissions from the company's legal counsel. Following the proceedings, the matter has been treated as part-heard and scheduled for continuation on March 13, 2026.

Current Legal Status

The company has confirmed that the impugned order passed by the National Company Law Tribunal (NCLT), which allegedly admitted the Corporate Insolvency Resolution Process, continues to remain stayed by the NCLAT. This stay order ensures that:

• The NCLT order remains inoperative
• All proceedings arising from the NCLT order continue to be stayed
• The company maintains its operational status without disruption

Company Operations

Embassy Developments Limited has emphasized that despite the ongoing legal proceedings, the company continues to remain fully operational and financially sound. The stay on the NCLT order allows the company to conduct its business activities without interference from the insolvency proceedings.

Regulatory Compliance

This update follows the company's previous intimation dated February 20, 2026, on the same subject matter. The disclosure fulfills the company's obligations under SEBI regulations to keep investors and stakeholders informed about material developments that could impact the company's operations or financial position.

The company, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, continues to monitor the legal proceedings closely and will provide further updates as developments occur in the NCLAT hearings.