Praxis Home Retail Limited (PHRL) is currently embroiled in a significant legal dispute at the National Company Law Tribunal (NCLT), Mumbai Bench. The company has disclosed details of an Interlocutory Application filed against it, challenging a lease agreement worth ₹219.55 crore.

Legal Proceedings

The legal action has been initiated by Aegis Resolution Services Private Limited, acting as the Resolution Professional for Ojas Tradelease and Mall Management Private Limited. The case centers around a lease deed executed on March 23, 2022, which is now under scrutiny.

Lease Agreement Details

The contested lease agreement includes the following key terms:

Resolution Professional's Demands

The Resolution Professional is seeking several actions from the NCLT:

1. Declaration of the lease as onerous and detrimental to the interests of the Corporate Debtor and its creditors
2. Annulment and setting aside of the lease agreement
3. Directive for PHRL to hand over peaceful and vacant possession of the leased premises
4. Order for PHRL and other respondents to contribute ₹219.55 crore towards alleged losses and damages, along with applicable interest

Current Status and Next Steps

• The matter was heard on November 10, 2025
• The next hearing is scheduled for December 4, 2025
• PHRL is required to file its reply on the next hearing date
• The company is currently seeking legal advice to determine its course of action

Financial Implications

PHRL has stated that it is currently unable to quantify or determine the financial implications of this litigation. The company is in the process of seeking legal advice to assess the potential impact on its finances.

Disclosure Compliance

This disclosure has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. PHRL has committed to keeping the exchanges informed of any developments in this matter.

As this legal challenge unfolds, investors and stakeholders of Praxis Home Retail Limited will be closely watching the proceedings and their potential impact on the company's operations and financial standing.

Praxis Home Retail Limited (PHRL) has announced a corporate action involving the conversion of warrants into equity shares and the forfeiture of unexercised warrants. This development comes as part of the company's preferential allotment process initiated in May 2024.

Warrant Conversion and Allotment

On November 10, 2025, PHRL converted 901,526 warrants into an equivalent number of equity shares. This conversion was executed at Rs. 43.26 per warrant, following a warrant holder's exercise option on November 5, 2025. The newly allotted shares have a face value of Rs. 5 each.

Warrant History and Expiry

The company had originally issued 4,507,629 warrants on May 9, 2024, as part of a preferential allotment. These warrants carried an 18-month conversion period, set to expire on November 8, 2025. The warrant holders had the right to convert these instruments into fully paid-up equity shares within this timeframe.

Forfeiture of Unexercised Warrants

Following the partial conversion, a significant portion of the warrants remained unexercised. Consequently, 3,606,103 warrants have lapsed due to non-exercise within the stipulated conversion period. These unexercised warrants, held by Bennett, Coleman & Co. Limited, have been forfeited along with the rights attached to them.

Financial Implications

The warrant conversion and forfeiture process has notable financial implications for PHRL:

The company has appropriated Rs. 4.88 crores from the initial warrant consideration against the allotment value of Rs. 3.90 crores for the converted warrants.

Impact on Capital Structure

PHRL has stated that there will be no change in the company's capital structure due to the lapse or cancellation of these warrants.

This corporate action demonstrates PHRL's ongoing capital management efforts and provides insight into the company's current financial strategies.