Praxis Home Retail Limited (PHRL) is currently facing a legal challenge regarding the validity of a lease deed. An Interlocutory Application has been filed against the company by Aegis Resolution Services Private Limited, acting as the Resolution Professional of Ojas Tradlease and Mall Management Private Limited, before the National Company Law Tribunal (NCLT) Mumbai Bench.

Key Details of the Legal Challenge

The application seeks the following directives from the NCLT:

1. To declare a lease deed dated March 23, 2022, between Ojas Tradlease and Mall Management Private Limited and Praxis Home Retail Limited as fraudulent and onerous.
2. To direct Praxis Home Retail Limited to compensate for losses.

Current Status and Company's Response

• The application has not yet been admitted by the NCLT.
• Praxis Home Retail Limited is currently seeking legal advice on the matter.
• The company plans to defend its position in the proceedings.

Financial Implications

The financial impact of this legal challenge remains uncertain at this stage. PHRL has stated that the financial implications will be assessed based on the outcome of the NCLT proceedings.

Disclosure and Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Praxis Home Retail Limited has made this disclosure to keep stakeholders informed. The company has committed to updating the exchanges on any further developments in this matter.

This legal challenge underscores the importance of scrutinizing corporate actions and their potential impacts on companies' operations and financial standings. Investors and stakeholders of Praxis Home Retail Limited should keep a close eye on the developments of this case as it progresses through the NCLT.

Praxis Home Retail Limited , a prominent player in the retail sector, held its 14th Annual General Meeting (AGM) on September 29, 2025, where shareholders approved several significant appointments and financial resolutions. The meeting, conducted through video conferencing, saw active participation from shareholders who cast their votes on five key resolutions.

Re-appointment of Non-Executive Director

Mr. Samsun Samuel (DIN: 07523995) was re-appointed as a Non-Executive Non-Independent Director of the company. Samuel, an engineer by profession, brings over 25 years of diverse experience spanning manufacturing, consulting, IT, and supply chain industries. His extensive career includes roles with renowned organizations such as Best Buy, Staples, Lowes, Future Group, and Wipro. Currently serving as the CEO of Future Consumer Limited, Samuel's expertise in retail, distribution, go-to-market strategies, IT strategy, and operations is expected to contribute significantly to Praxis Home Retail's growth trajectory.

New Secretarial Auditor Appointed

In a move to strengthen its corporate governance, the company appointed Mr. Anant Gude as the Secretarial Auditor for a term of five consecutive years, from the financial year 2025-26 to 2029-30. Gude, the proprietor of Anant Gude & Associates, is a Practicing Company Secretary with over 40 years of rich experience. His expertise in secretarial audits and corporate compliance across various industries is set to enhance Praxis Home Retail's regulatory adherence.

Financial Resolutions Approved

The AGM also saw the approval of two significant financial resolutions:

1. Shareholders gave their nod to a Material Related Party Transaction involving the waiver of a loan and interest payable by the company, amounting to Rs. 8,806.58 lakhs.

2. Another Material Related Party Transaction for borrowings by the company, totaling Rs. 3,345.08 lakhs, was approved. These loans will carry an interest rate of 12% per annum and are to be repaid in three installments.

Voting Results

The voting results, as scrutinized by Mr. Anant Gude, revealed overwhelming support for all resolutions:

The strong shareholder support for these resolutions indicates confidence in the company's management and strategic direction. As Praxis Home Retail moves forward with these key appointments and financial decisions, it appears well-positioned to navigate the dynamic retail landscape in India.