Dev Accelerator Limited Settles Litigation with LRS Service Private Limited
Dev Accelerator Limited has announced the amicable settlement of a pending litigation matter involving LRS Service Private Limited. The resolution, executed through a Settlement Deed on June 04, 2026, concluded the proceedings before the Commercial Court of Kasna in Gautam Budh Nagar, Uttar Pradesh.The dispute involved a petition filed by LRS Service Private Limited under Section 9 of the Arbitration and Conciliation Act, 1996, as referenced in prior company disclosures. Following the settlement, the petition has been disposed of by the Commercial Court based on non-pressing and settlement terms.
Key terms detailed in the Settlement Deed outline mutual agreements regarding various operational constraints and financial claims between Dev Accelerator Limited and LRS.
Under the settlement:
- LRS Service Private Limited agreed to allow the adjustment of its security deposit, amounting to Rs. 12,13,000/-, against partial rent covering October to December 2024.
- Dev Accelerator Limited waived its claim of Rs. 17,50,000/- that was due from LRS under the Settlement Deed dated August 30, 2025.
- The Company also agreed to waive all claims pertaining to rent for the remaining lock-in period and other related charges.
The settlement stipulates that all claims arising out of the Sub-Lease and its variations are fully and finally settled and adjusted between both parties, ensuring neither party holds any further claim regarding the tenancy or related transactions.
In terms of penalties and compensation, Dev Accelerator Limited confirmed that it has neither paid a penalty nor received any compensation as part of the settlement. The impact of this financial resolution on the company's position is limited to the waiver of certain revenue bills previously raised against LRS.
DEVX Stock Price Movement
Shares of Dev Accelerator Limited slipped by 1.37% in trading today, closing at ₹36.64. The equity traded on a volume of 72,388 shares as the stock settled post-market.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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