Approval of 1) Proposal for sale of 100% of its Equity Investment in its subsidiary, Yosto Ventures Pvt Ltd 2) Appointment of the HRU & Associates as Secretarial Auditor of the Company ....
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Tilak Ventures' board approved selling its entire equity stake in subsidiary Yosto Ventures Pvt Ltd for Rs. 16.65 lakhs. The subsidiary contributes only about Rs. 66.66 lakhs in revenue (3.05% of consolidated revenue) and Rs. 29.09 lakhs in net worth (0.21% of consolidated net worth), making it a very small part of the company. The buyer is Girraj Kishor Agrawal HUF — the Hindu Undivided Family of the company's Managing Director — so this is a related party transaction, which the company says is being done at arm's length. The deal is expected to close within 30 days. Separately, the board appointed HRU & Associates as secretarial auditor for FY 2024-25.
The financial impact on Tilak Ventures is negligible given the subsidiary's tiny share of revenue and net worth. However, retail investors should note the related-party nature of the deal, as the buyer is the MD's own family HUF, even though the company states it is at arm's length.