Board approves land transfer to related party, revised AGM notice
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Citadel Realty's board approved transfer of a 1,880.80 sq.mt freehold land parcel at Bhandup to related party Shree S S Infra Developers, which shares two common directors. Deal value at market or stamp duty value, equal to about 30 percent of the company's annual consolidated turnover. Transaction is one-time, subject to shareholder approval. Board also approved a revised AGM notice to include this as a new agenda item. Company says the deal aims to improve cash flow and shareholder value.
Related party land deal at market value, needs shareholder nod. Could boost cash flow but raises governance concerns due to common directors.