Disclosure of ongoing litigation / dispute pursuant to SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123

Juhu Resorts and Development Pvt. Ltd., a promoter group company linked to promoter Mr. Chetan Jashwant Mehta, has filed an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Emerald Leisures Ltd at the National Company Law Tribunal (NCLT), Mumbai. The claim amounts to Rs. 22.19 crores (Rs. 22,18,65,000) in Inter Corporate Deposits (ICDs) that Juhu Resorts is seeking to recall. Emerald Leisures contests this, arguing that the ICDs were introduced as quasi-equity and are not repayable until its Aditya Birla Capital Ltd (ABCL) term loan is fully repaid, with the last installment due in August 2027. ABCL has confirmed in writing on March 4, 2025 that the ICDs of promoter/promoter group cannot be repaid while loan accounts are outstanding. The company has obtained legal opinion in its favor and states the Section 7 application is not maintainable since Juhu Resorts is not a financial creditor.