HLV Ltd Greenlights Land Sale in Hyderabad

In a recent meeting, the Board of Directors of HLV Ltd has given their approval for the sale of land owned by the company in Hyderabad. The decision includes the execution of an "Agreement of SaleCum-Irrevocable General Power of Attorney" in favor of Sri Kadiyala Subba Rao, the Managing Partner and authorized representative of M/s. Sri Venkateswara Constructions, the buyer of the company's land in Hyderabad. The sale is based on an "as is where is basis," contingent upon the assumption of all pending litigations and rival claims from various parties on the Hyderabad land.

The total consideration for this transaction amounts to Rs. 84,42,05,254/-. This figure encompasses the sum of Rs. 44,42,05,254/- paid by Sri Kadiyala Subba Rao, which serves as a settlement for the claim of PBSAMB Projects Private Ltd. on the land. This payment was made in compliance with the Arbitral Award dated 8th September 2019, and the settlement was facilitated through intervention before the executing court, i.e., City Civil Court, Hyderabad. The comprehensive approval by the Board reflects the company's commitment to resolving outstanding issues and streamlining its asset management strategy.

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