Announcement under Regulation 30 (LODR)- Material information about the Scheme of Amalgamation and Arrangement between Valor Estate Limited, Esteem Properties Private Limited and Advent Hotels International Private Limited and their respective shareholders and creditors
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Valor Estate Limited (formerly D B Realty) disclosed that the board of Advent Hotels International Limited — the Resulting Company in its Composite Scheme of Amalgamation with Esteem Properties Private Limited — was reconstituted effective 21st July 2025. Six new directors were appointed, including three independent directors (former IAS officer Ajoy Mehta as Chairman, former IAS officer Rajeev R A, and Maryam Khan as Woman Director) and three non-executive non-independent directors from the promoter families (Jayvardhan Goenka and Sanjana Goenka, children of VEL's CMD Vinod Goenka, and Arshad Balwa, son of VEL's Vice CMD Shahid Balwa). Mr. Satish Agarwal resigned as Non-Executive Director, while earlier in July, Rahul Pandit was appointed MD & CEO and Mohammed Balwa as Non-Executive Director. All appointments are subject to shareholder approval and are being made ahead of the scheme becoming effective.
For Valor Estate shareholders, this signals the composite scheme (amalgamation of Esteem Properties and demerger into Advent Hotels) is moving into its execution phase, with the resulting company being staffed and board-composition aligned with VEL's promoter families. The high-profile independent director appointments lend governance credibility to the resulting entity.