Landmark Property Development Company Reaches Amicable Settlement with Saya Buildcon Consortium

Landmark Property Development Company Reaches Amicable Settlement with Saya Buildcon Consortium​

Landmark Property Development Company Limited has completed the execution of several settlement documents with Saya Buildcon Consortium Private Limited regarding past financial commitments and property allocations. The agreements formalize an amicable resolution between both parties concerning matters dating back to 2017 related to loan and deposit agreements, as well as the cancellation of commercial unit allotments.

The settlements include a Settlement Agreement relating to the Loan Agreement dated May 30, 2017, and another Settlement Agreement pertaining to the Inter Corporate Deposit Agreement dated December 14, 2017. Furthermore, a Cancellation Agreement was executed concerning nine commercial units in the "Saya Zion" project.

These agreements mandate the full and final settlement of all respective transactions and associated rights, claims, and obligations arising from the previously held matters. A key element of the accords is the reciprocal release and discharge of both parties from their claims and duties related to these transactions, subject to the terms specified in each agreement.

The settlements also incorporate the completion of consequential actions between the two entities, which include the withdrawal or closure of any legal proceedings that were pending between Landmark Property Development Company Limited and Saya Buildcon Consortium Private Limited, as defined by the agreements.

Prior to the execution of these documents, all principal monetary obligations stipulated under the settlement arrangements had been discharged by the respective parties. The completion of the agreements thereby formalizes the existing settlement implemented between them and provides a contractual framework for concluding remaining consequential actions per their terms.

From an operational standpoint, Landmark Property Development Company Limited stated that the execution of these agreements is in the commercial interest of the company and does not expect to have any material adverse impact on its financial position or operations. The arrangements do not fall under related party transactions, nor do the promoter or promoter group companies hold any interest in Saya Buildcon Consortium Private Limited.

LPDC Stock Price Movement​

As of 11:44 AM, Landmark Property Development Company Limited shares trend higher today, gaining 0.77% with the stock currently trading at ₹6.54. The equity has seen significant movement during the session, having traded between a low of ₹6.35 and a high of ₹6.61.