Purusuant to Regulation 30(read with Part A of Schedule III) of the SEBI (LODR) regulations, 2015, we wish to inform you that based on the recommendations of the Audit committee, the Board ....
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Balgopal Commercial Ltd's Board of Directors, based on the Audit Committee's recommendation, approved the purchase of land (4 decimal + 6 decimal) with existing construction in Rajarhat, Kolkata for a total consideration of Rs. 65 lakhs. The purpose is to expand the company's business operations. The land is being purchased from Navdurga Niwas Private Limited, which is a related party as the company's promoter Mr. Sandeep Jindal is the beneficial owner of the seller. The company has confirmed the transaction is conducted at arm's length and in the ordinary course of business.
This is a small-ticket land acquisition (Rs. 65 lakhs) intended for business expansion. Because it is a related party transaction, shareholders should note the related-party nature, though the company confirms arm's length pricing. The financial impact on the stock is expected to be minimal given the small size of the deal.