Corporate News 20-Dec-23
Board of HLV approves sale of land in Hyderabad
At meeting held on 20 December 2023
The Board of HLV at its meeting held on 20 December 2023 has approved the sale of land owned by the company at Hyderabad and execution of “Agreement of SaleCum-Irrevocable General Power of Attorney” in favour of Kadiyala Subba Rao the Managing Partner and authorised representative of M/s. Sri Venkateswara Constructions buyer of Company's land in Hyderabad on “as is where is basis” that is subject to taking over all the pending litigations and rival claims of diverse parties on Hyderabad Land for a total consideration of Rs. 84,42,05,254/-. This includes Rs.44,42,05,254/- paid by him towards the settlement of the claim of PBSAMB Projects Private Ltd. on the land with the intervention before the executing court i.e. City Civil Court, Hyderabad in discharge of Company's liability towards PBSAMB Projects Private Ltd. under the Arbitral Award dated 8th September, 2019.
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