Vascon Engineers Limited has informed the Exchange regarding 'Intimation Regarding Share Transfer of Almet Corporation Limited'.
VASCONEQ · price
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Awaiting price reaction for this filing.
Vascon Engineers had agreed to transfer its wholly-owned subsidiary Almet Corporation Limited to the partners of Ramanuj Venture under a Share Transfer Agreement dated March 31, 2025. Two of the three partners (Mr. Sanjay Phoke and Mr. Raju Rathod) executed the transfer, while the third partner, Mr. Gopal Agrawal, was unavailable at the time due to illness. Subsequently, a dispute has arisen among the partners, with Mr. Agrawal raising concerns and filing a complaint over the share transfer. As a result, the Share Transfer Agreement has been kept in abeyance until the dispute is resolved. The company has stated it is reviewing the matter and will take appropriate steps to address the concerns.
The transaction is now on hold indefinitely, creating uncertainty around the divestment of Almet Corporation and potentially delaying any value unlock for Vascon. Shareholders should watch for further updates, as unresolved disputes could lead to legal proceedings or force a renegotiation of the deal.