Prime Urban Development India Reports Q1 Loss, Plans Business Expansion
Prime Urban Development India Limited reported a net loss of Rs 43.30 lakhs in Q1 FY2026, down from a profit of Rs 224.76 lakhs in Q4 FY2025. Revenue decreased to Rs 25.74 lakhs from Rs 345.00 lakhs. The company's Board approved changes to its Memorandum of Association, aiming to expand into general trading and securities dealing, subject to shareholder approval. An ongoing arbitration dispute of Rs 13.30 crore with Prime Mall Developers remains sub-judice.
23Jul 25
Prime Urban Development Seeks Rs 13.30 Crore Refund Through Arbitration
Prime Urban Development India Limited has filed for arbitration at the Madras High Court to recover Rs 13.30 crore plus interest from its joint venture partners in Prime Mall Developers. The claim stems from a cancelled construction agreement with Reliance Prolific Traders Private Limited. The company is seeking funds from Biodegradable Products India Limited and Indraneel Properties Limited. Despite the significant claim, Prime Urban Development reports no expected financial impact due to compensation or penalties.
23Jul 25
Prime Urban Development Seeks Rs 13.30 Crore Refund Through Arbitration
Prime Urban Development India Limited has initiated legal proceedings to recover Rs 13.30 crore plus interest from its business partners. The company has filed for arbitration at the Madras High Court against Biodegradable Products India Limited and Indraneel Properties Limited. The claim stems from a cancelled construction agreement with Reliance Prolific Traders Private Limited. Prime Urban Development holds a 50% stake in Prime Mall Developers, the entity involved in the dispute. The company has disclosed this pending litigation to the BSE Limited in compliance with SEBI regulations.