News Stocks Sunteck Realty Issues Postal Ballot Notice for Independent Director Re-appointments and Subsidiary Transaction ApprovalsSunteck Realty Issues Postal Ballot Notice for Independent Director Re-appointments and Subsidiary Transaction Approvals
Sunteck Realty Limited has issued a postal ballot notice dated 4 February 2026, seeking shareholder approval for re-appointment of Independent Directors Mr. Chaitanya Dalal and Mr. Mukesh Jain for a second 5-year term until 17 September 2031, along with approval for subsidiary transactions related to its Dubai real estate project. The e-voting period runs from 6 February to 7 March 2026, with results to be declared by 10 March 2026. The company seeks approval for non-fund based limits up to ₹200 Crs and fund based limits up to ₹175 Crs for the Dubai project development.
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Sunteck Realty Limited has issued a comprehensive postal ballot notice dated 4 February 2026, seeking shareholder approval for critical corporate governance matters and subsidiary transactions through remote e-voting process.
Key Resolutions for Shareholder Approval
The company has proposed three resolutions for member consideration through the postal ballot process:
| Resolution No. | Description | Type |
|---|---|---|
| 1 | Re-appointment of Mr. Chaitanya Dalal (DIN: 00185847) as Independent Director | Special Resolution |
| 2 | Re-appointment of Mr. Mukesh Jain (DIN: 01316027) as Independent Director | Special Resolution |
| 3 | Approval of subsidiary transactions pursuant to Regulation 23 of Listing Regulations | Ordinary Resolution |
Independent Director Re-appointments
Both Mr. Chaitanya Dalal and Mr. Mukesh Jain were initially appointed as Independent Directors on 18 September 2021, with their first term concluding on 17 September 2026. The Nomination and Remuneration Committee has recommended their re-appointment based on performance evaluation.
Director Profiles and Expertise
Mr. Chaitanya Dalal (Age: 72 years)
- Practicing Chartered Accountant and Managing Partner of M/s. Chaitanya C Dalal & Co, Mumbai
- Extensive experience in statutory audits, tax audits, and internal audits of public sector undertakings
- Former Head of Accountancy Department at Bhavan's College, Mumbai for 25 years
- Holds certificates in ISO 9000 Lead Auditor's Course, Valuation, and Advanced International Taxation
Mr. Mukesh Jain (Age: 70 years)
- Law graduate from Shri Ram College of Commerce, New Delhi
- Nearly 49 years of experience, starting as a banker and currently practicing law
- Specializes in banking, real estate, tenancy, infrastructure, and insolvency laws
- Empaneled with several nationalized banks for legal advice
Both directors will be re-appointed for a second term of 5 consecutive years until 17 September 2031. The resolutions also include provisions for their continuation beyond age 75 years, as Mr. Dalal will turn 75 on 24 September 2028 and Mr. Jain on 15 October 2030.
Subsidiary Transaction Approvals
The third resolution seeks approval for transactions involving the company's subsidiaries related to a Dubai real estate project. The key transactions include:
Project Structure and Transactions
Dubai Project Details:
- Ultra luxury branded residential project located at Burj Khalifa Community, Downtown Dubai
- Development potential of approximately 1 million sq. ft.
- Joint venture with Grand Valley General Trading LLC
Key Transaction Limits:
| Transaction Type | Amount |
|---|---|
| Non-fund based limits (including guarantees) | Up to ₹200 Crs |
| Fund based limits (loans/investments/advances) | Up to ₹175 Crs |
| Marketing commission | Up to 1% of project sales |
| Development fees to Revi Realty | 1.75% or 1.50% of sales value |
Previous Transaction History
| Period | Nature of Transaction | Amount (₹ Crs) |
|---|---|---|
| FY 2024-25 | SLL and GGICO Sunteck Investment | 16.99 |
| 01-04-2025 to 31-12-2025 | SLL and GGICO Sunteck Investment | 84.24 |
| 27 Oct 2025 to 31 Dec 2025 | Sunteck Mas development fees | 2.62 |
E-voting Process and Timeline
The company has engaged National Securities Depository Limited (NSDL) to provide e-voting facilities to all members. The postal ballot notice is being sent electronically to members whose email addresses are registered with the company, depositories, or registrar and transfer agent.
Important Dates
| Event | Date/Time |
|---|---|
| Cut-off Date | 30 January 2026 |
| E-voting Commencement | 6 February 2026, 9:00 a.m. (IST) |
| E-voting Conclusion | 7 March 2026, 5:00 p.m. (IST) |
| Results Declaration | On or before 10 March 2026 |
Scrutinizer and Compliance
Mr. Veeraraghavan N (CP No. 4334), Practicing Company Secretary, has been appointed as the Scrutinizer to conduct the postal ballot process and scrutinize votes in a fair and transparent manner. The results will be communicated to stock exchanges and uploaded on the company's website and NSDL's e-voting portal.
The Audit Committee and Board of Directors approved these transactions at their meeting held on 27 January 2026, noting that all transactions are conducted at arm's length basis and in the ordinary course of business. The company has confirmed that none of the promoters, directors, or key managerial personnel have any direct or indirect interest in the proposed transactions, except to the extent of their shareholding in the company.
Historical Stock Returns for Sunteck Realty
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -5.37% | -15.79% | -20.55% | -28.27% | -14.37% | -6.16% |
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