HLV Limited has achieved a significant legal victory with the Supreme Court of India dismissing a petition filed against the company. The court's decision brings closure to a prolonged litigation that has been ongoing since 2013, involving land lease agreements with the Airports Authority of India (AAI).

Case Background and Timeline

The legal dispute originated from two lease deeds executed between HLV Limited and AAI on October 19, 1983 and November 22, 1983. These agreements involved the allocation of land parcels measuring 9,000 square meters each, totaling 18,000 square meters to HLV Limited.

Legal Proceedings and Parties

Resources of Aviation Redressal Association (ROAR) filed a Public Interest Litigation challenging the land lease arrangements, despite not being a party to the original transaction between HLV Limited and AAI. The organization filed Writ Petition (PIL) No. 85 of 2013 titled "ROAR vs. (i) Union of India, (ii) AAI and (iii) HLVL," with HLV Limited being impleaded as the third respondent.

The Bombay High Court's Division Bench disposed of the PIL on February 23, 2016. Subsequently, ROAR approached the Supreme Court by filing a Special Leave Petition bearing number 12090/2016, challenging the High Court's decision.

Supreme Court Decision

The Supreme Court heard all parties involved in the case and dismissed ROAR's petition. The dismissal effectively upholds the earlier Bombay High Court order and validates HLV Limited's position in the land lease dispute.

Regulatory Compliance

HLV Limited disclosed this development in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously updated stakeholders about this litigation through a letter dated August 22, 2023, and continues to maintain transparency regarding pending legal matters as required by regulatory frameworks.

The Supreme Court's dismissal of the petition represents a favorable outcome for HLV Limited, concluding a legal challenge that has persisted for over a decade since the original PIL was filed in 2013.

HLV Limited , a prominent player in the hospitality sector, has announced a significant change in its key managerial personnel. Ms. Savitri Yadav, who has been serving as the Company Secretary, Compliance Officer, and Nodal Officer, has tendered her resignation to pursue new career opportunities outside the organization.

Key Details of the Resignation

Impact on Company Structure

The departure of Ms. Yadav will affect HLV Limited's key managerial personnel structure. The position of Company Secretary is responsible for ensuring compliance with various regulatory requirements and facilitating effective communication between the board of directors, company management, and regulatory bodies.

Transition Period

HLV Limited has confirmed that Ms. Yadav will continue in her role until November 30, 2025. This transition period of nearly three months should allow the company time to identify and appoint a successor, ensuring a handover of responsibilities.

Company's Response

In accordance with regulatory requirements, HLV Limited has disclosed this information to the stock exchanges. The company has filed the necessary intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating its commitment to transparency and corporate governance.

The company has not yet announced a replacement for Ms. Yadav. Investors and stakeholders may be interested in the succession plan for these roles within the organization.

As HLV Limited navigates this transition, the market will be observing how the company manages the change in its key managerial personnel and maintains its compliance and secretarial functions.