Macrotech Developers Limited has informed the Exchange about General Updates
LODHA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Lodha Developers, which acquired V Hotels Limited (VHL) through the insolvency resolution process in 2024, has provided an update on Enforcement Directorate (ED) proceedings linked to VHL's former promoters (Kerkar family). The ED case involves alleged routing of around ₹520.80 crore from Cox & Kings group transactions through VHL before the insolvency process began. The Bombay High Court ruled that these proceedings cannot continue against VHL since they relate to the erstwhile promoters' actions prior to CIRP. The Supreme Court has now directed Lodha to deposit ₹520.80 crore as security, after which there will be no further claims on VHL's properties or assets. The company expects the deposit to be released once the matter is finally heard.
Lodha faces a temporary cash outflow of ₹520.80 crore as security, but its exposure is capped at this amount. With the Bombay High Court order shielding VHL from continuation of ED proceedings and the Supreme Court limiting the claim to the deposit, the legacy issue from the VHL acquisition is moving towards closure. Investors should watch for the final hearing outcome and release of the deposited funds.