VMPL
New Delhi [India], June 10: In a significant affirmation of its commitment to shareholder transparency and contractual integrity, Lord's Mark Industries Limited (BSE: 501261) has amicably resolved a legal dispute with Bennett Coleman and Co. Ltd. ("BCCL"), one of India's leading media conglomerates. At the heart of the resolution is LMIL's formal confirmation of BCCL's entitlement to 10,28,483 equity shares at a conversion price of ₹158 per share honoured in full as per the terms of their Share Cum Warrant Subscription Agreement ("SWA") dated August 1, 2023. The Hon'ble High Court of Delhi disposed of the matter on June 1, 2026, with no adverse order passed against the Company.
The dispute arose from BCCL's petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim reliefs relating to the conversion of warrants held under the SWA. The backdrop to the delay in conversion was LMIL's ongoing merger and capital restructuring process, a complex but value-accretive exercise that involved the pre-packaged insolvency resolution of Kratos Energy and Infrastructure Limited ("KEIL") and its subsequent merger with LMIL, culminating in a BSE listing approval in May 2026.
Rather than await adversarial proceedings, LMIL took proactive steps to address BCCL's concerns ahead of the hearing. The Company formally confirmed BCCL's entitlement and committed to disclosing this to the Monitoring Committee overseeing the Resolution Plan's implementation. The petition was subsequently withdrawn by BCCL, and the Court disposed of the matter accordingly.
Commenting on the development, the management of Lord's Mark Industries Limited said: "We welcome the resolution of this matter through constructive dialogue and mutual understanding. The Company remains committed to maintaining the highest standards of governance, transparency and compliance while safeguarding stakeholder interests. We will continue to undertake all necessary actions in accordance with applicable laws and our contractual obligations."
Lord's Mark Industries Limited has formally acknowledged BCCL's entitlement to 10,28,483 equity shares at a conversion price of Rs. 158 per share, in accordance with the terms of the approved resolution plan. The Company has reaffirmed its commitment to transparency and regulatory compliance, and has agreed to make all requisite disclosures to regulators, shareholders, and other stakeholders. It has further confirmed that all relevant information and supporting documentation will be shared with the Monitoring Committee overseeing the implementation of the resolution plan. Pursuant to the amicable resolution reached between the parties, the petition filed before the Delhi High Court has been withdrawn, and the matter stands dismissed as withdrawn.
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