NEL Holdings South Limited exited from one more project in east Bangalore in one of Subsidiary - NUDPL Ventures Private Limited (NUDPL). While the deal for exiting the project was signed 18 months ago but due to various legal challenges and financial arrangement with the new developer, bank settlements and customer resolutions was delayed on this project. Further post one time final settlement with the financial institution, it has also been agreed to release the charge on this project discharging NUDPL from all its liability on this project and the incoming developer through the Business Transfer Agreement (BTA) has agreed to take over this project.

Application for RERA approval accorded earlier is al so under process for modification. This is in line wit h the strategy of exiting from the Residential Space which is in accordance with the earlier announcement for exiting from the residential properties along with cleaning up the debts in Balance Sheet s and further getting into new service sector businesses as per revised objects of the Company.