Rexnord Electronics and Controls Limited has informed that the Company has entered into Addendum to Leave and Licence Agreement for addition to the existing Leave and Licence Agreement ....
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Awaiting price reaction for this filing.
Rexnord Electronics & Controls Ltd has signed an addendum to an existing Leave and Licence Agreement dated January 6, 2023, with Mr. Kundan K. Talwar, who is the company's CFO and Promoter. The addendum simply adds a renewal clause, allowing the company to seek extension of the licence period by mutual agreement. The premises, located in Village Devdal, Taluka Vasai, District Palghar (Maharashtra), are being used as a manufacturing unit. The monthly licence fee is Rs 15 lakh with a refundable interest-free security deposit of Rs 1 crore. Mr. Talwar holds 7,80,000 equity shares in the company and is the son of the CMD and brother of the Whole-Time Director. The transaction is classified as a related party transaction conducted at arm's length.
This is a routine administrative disclosure with no material impact on operations, financials, management, or control. The renewal clause simply gives the company flexibility to continue using the manufacturing premises beyond the original term, which is mildly positive for operational continuity.