Prime Urban Development India Limited (PUDIL) has announced a significant development in its ongoing partnership dispute. The company, which holds a 50% stake in Prime Mall Developers, has received notice of an arbitrator appointment to resolve the conflict between the partners.

Arbitrator Appointment

According to a corporate filing, Justice R. Subramanian, a former judge of the Madras High Court, has been appointed as the arbitrator in this matter. This appointment comes as a result of an order passed by the Madras High Court on September 22, 2025. PUDIL received official notice of this appointment on November 4, 2025.

Timeline of Events

The dispute resolution process has unfolded over several months, as outlined in the table below:

Implications and Next Steps

The appointment of an arbitrator marks a crucial step in resolving the dispute between the partners of Prime Mall Developers. Arbitration is a common method for settling commercial disputes outside of the court system, often resulting in a faster and more cost-effective resolution.

While the specific details of the dispute remain undisclosed, the involvement of a former High Court judge as the arbitrator suggests the complexity and significance of the matter at hand.

Corporate Update

In a separate development, PUDIL has also reported a change in its Corporate Identification Number (CIN) following an alteration to the company's main object clause. The new CIN, as updated on the Ministry of Corporate Affairs' Company Master Data, is L47990TZ1936PLC000001.

Investors and stakeholders will likely be watching closely as the arbitration process unfolds, given its potential impact on PUDIL's operations and its partnership in Prime Mall Developers.

As the situation develops, further updates from the company are expected to provide more clarity on the dispute and its potential resolution.

Prime Urban Development India Limited , a reality business company, has reported mixed financial results for the first quarter, alongside plans for business expansion.

Financial Performance

The company's standalone financial results show:

On a consolidated basis, the company reported:

The company experienced a significant decline in revenue and profitability compared to the previous quarter. The standalone net loss widened to Rs 43.30 lakhs from a profit of Rs 224.76 lakhs in the preceding quarter. Similarly, on a consolidated basis, Prime Urban Development India reported a net loss of Rs 45.00 lakhs compared to a profit of Rs 221.53 lakhs in the previous quarter.

Business Expansion Plans

In a strategic move, Prime Urban Development India Limited's Board of Directors has approved alterations to the company's Memorandum of Association, subject to shareholder approval at the upcoming Annual General Meeting. The proposed changes aim to expand the company's business scope significantly.

The new clause to be added to the main object clause states:

"To carry on the business of general merchants and traders, importers, exporters, commission agents, brokers, dealers, traders, distributors, warehousemen, stockists, factors and consignors, both wholesale and retail, in all types of goods, wares, commodities, produce merchandise, products, substances or materials of every description; and to carry on the business of buying, selling, subscribing, underwriting, investing in, dealing in and dealing with all types of securities including but not limited to shares, stocks, debentures, debenture stock, bonds, units, warrants, Government securities, commercial papers, derivatives, money-market instruments, etc., either as principal or agent, in India or abroad."

This expansion would allow the company to diversify its operations beyond its current focus on the reality business segment.

Other Developments

The company continues to be engaged in arbitration proceedings related to a Rs 13.30 crore dispute with Prime Mall Developers, a partnership firm where the company holds a 50% stake. The matter is currently sub-judice before the Madras High Court.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting. The Statutory Auditors have carried out a Limited Review of the results in accordance with SEBI regulations.

Investors and stakeholders can access the detailed un-audited financial results on the company's website www.ptlonline.com and on the BSE Ltd website www.bseindia.com .