Manoj Vaibhav Gems N Jewellers Limited has informed the Exchange regarding Outcome of Board Meeting held on March 23, 2026.
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The board of Manoj Vaibhav Gems 'N' Jewellers, held on March 23, 2026, approved a franchise agreement with M/s. Gontla Trading LLP to operate two new jewellery stores under the company's brand at Ramnagar and Gajuwaka in Visakhapatnam. The franchisee's designated partners are relatives of the company's Joint Managing Director and Whole-time Director/CFO, making this a related party transaction under Section 188 of the Companies Act. The estimated transactions for FY 2026-27 include sale of bullion/jewellery up to Rs. 180 crore and purchase of bullion/jewellery up to Rs. 20 crore (total Rs. 200 crore), to be conducted at arm's length in the ordinary course of business.
The Rs. 200 crore related party franchise deal expands the company's retail footprint in Visakhapatnam but warrants shareholder attention due to related party involvement, though the company confirms it is not a material related party transaction.