Oswal Greentech Board Approves UAE Subsidiary and Notes Internal Auditor Resignation
Oswal Greentech Limited announced significant strategic decisions following its recent board meeting, which included the approval of a new foreign subsidiary in Dubai, United Arab Emirates (UAE). The company also confirmed the resignation of its internal auditor.The Board of Directors held on June 22, 2026, approved the incorporation of a new Subsidiary Company in Dubai, UAE. This strategic move is aimed at expanding Oswal Greentech's international business presence and undertaking land development, residential, and commercial properties in the UAE and other permitted activities.
The subsidiary falls under the Real Estate Development and Property Development industry. The proposed initial investment for this venture stands at AED 40 Million (Forty Million Dirhams), which will be made in tranches. Oswal Greentech Limited is set to hold a controlling stake, subscribing to 38,000 equity shares of AED 1,000 each, aggregating to AED 38 million, representing 95% of the paid-up share capital. Mr. Shael Oswal will subscribe to the remaining 2,000 equity shares of AED 1,000 each, totaling AED 2 Million (5%).
Key details regarding the incorporation and investment in the foreign subsidiary are summarized below:
| Particulars | Details |
|---|---|
| Country of Incorporation | Dubai United Arab Emirates (UAE) |
| Industry Focus | Real Estate Development and Property Development |
| Total Initial Investment | AED 40 Million |
| Oswal Greentech Subscription | 38,000 equity shares for AED 38 Million (95%) |
| Mr. Shael Oswal Subscription | 2,000 equity shares for AED 2 Million (5%) |
The incorporation of the Foreign Subsidiary is subject to obtaining all necessary approvals and compliances under applicable local laws and regulations.
Internal Auditor Resignation
In a separate operational update, the company confirmed the resignation of M/s Siddharth S. Kothari & Co., Chartered Accountants, who served as an Internal Auditor.M/s Siddharth S. Kothari & Co. tendered their resignation effective immediately on June 22, 2026, citing personal reasons. The resigning firm confirmed that there were no material concerns or unresolved matters regarding the company's affairs other than those stated in the letter of resignation.
OSWALGREEN Stock Price Movement
Oswal Greentech Limited shares today slipped by 0.08% to close at ₹23.8, continuing a slight downturn in the market. The stock traded within its daily range of ₹23.71 to ₹24.44 on a volume of 177,367 shares.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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