HLV LIMITED has informed the Exchange regarding Appointment of Mr Ashok Rajani as Non- Executive Independent Director of the company w.e.f. March 30, 2026.
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HLV Limited reported Q3 FY26 (ended Dec 31, 2025) total income of Rs. 6,372 lakhs, up from Rs. 6,081 lakhs in Q3 FY25, with a net profit of Rs. 687 lakhs (vs Rs. 1,027 lakhs last year). However, for the nine-month period, the company swung to a net loss of Rs. 652 lakhs compared to a profit of Rs. 1,538 lakhs a year ago, hit by exceptional items of Rs. 303 lakhs including the impact of new Labour Codes (Rs. 191 lakhs) and a Rs. 112 lakh loss from a joint development property. The Board also approved the re-appointment of Mr. Ashok Rajani (age 77, veteran of textile industries, currently on the board of Alok Industries) as an Independent Director for a second term of five years from March 30, 2026 to March 29, 2031, subject to shareholder approval. The auditor flagged significant ongoing disputes with the Airports Authority of India (AAI) over Mumbai hotel land leases, with cumulative disputed/claimed amounts running into tens of thousands of lakhs, and the financial statements are prepared on a going-concern basis contingent on favourable outcomes in these matters.
Nine-month loss contrasts with prior year profit, though Q3 showed sequential recovery. The AAI lease and eviction dispute over the Mumbai hotel remains a major overhang for shareholders, as the company itself assumes a going-concern outcome dependent on these legal battles. The re-appointment of a sitting independent director for another term is a routine governance event with no material impact on the stock.