Praxis Home Retail Limited has notified stock exchanges about the adjournment of its National Company Law Tribunal (NCLT) hearing scheduled in connection with an Insolvency and Bankruptcy Code (IBC) petition filed by operational creditor Koncepts Interior.
Hearing Adjournment Details
The NCLT Mumbai Bench hearing was originally scheduled for April 30, 2025, but has been rescheduled to June 23, 2026. The adjournment was granted after Koncepts Interior's advocate sought a short postponement due to the unavailability of their arguing counsel.
Parameter: Details Original Hearing Date: April 30, 2025 New Hearing Date: June 23, 2026 Reason for Adjournment: Counsel unavailability Authority: National Company Law Tribunal, Mumbai Bench
Background of IBC Proceedings
The Corporate Insolvency Resolution Process (CIRP) petition was initially filed by M/s. Koncepts Interior under section 9 of the Insolvency and Bankruptcy Code, 2016. The company had previously informed exchanges about this matter through intimations dating back to April 05, 2022, with the most recent update provided on May 06, 2025.
Financial Claims and Dispute Details
The operational creditor's demand and dispute particulars are outlined below:
Aspect: Details Claimed Amount: ₹1,00,65,914.30 Interest Rate: 18% per annum Notice Date: December 28, 2020 Dispute Status: Pre-existing dispute between parties
Praxis Home Retail maintains that after deducting the disputed amount, the remaining sum falls below the minimum threshold required to initiate IBC proceedings.
Company's Position and Impact Assessment
The company has stated that the matter remains sub-judice and asserts there is no financial or operational impact on its business activities. This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The communication was signed by Company Secretary and Compliance Officer Charu Srivastava (ACS No. 27108) and submitted to both BSE Limited and National Stock Exchange of India Limited on April 30, 2026.
Praxis home retail Limited has announced a significant leadership change with the appointment of Mr. Ravi Venkatraman as Chairperson of the Company. The appointment was made with immediate effect on April 15, 2026, following unanimous approval by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.
Board Appointment Details
The Board meeting, which commenced at 10:35 a.m. and concluded at 12:16 p.m. on April 15, 2026, considered and approved Mr. Venkatraman's appointment as Chairperson in addition to his existing role as an Independent Director of the Company.
Parameter: Details Name: Mr. Ravi Venkatraman DIN: 00307328 Appointment Date: April 15, 2026 Role: Chairperson (in addition to Independent Director) Reason: Appointment as Chairperson
Professional Background
Mr. Ravi Venkatraman brings extensive experience to his new role as Chairperson. A qualified Chartered Accountant (ACA), Cost Accountant (ICWA), and Commerce graduate, he is a seasoned finance professional with over four decades of experience in the BFSI sector. He retired in July 2020 as Executive Director & Chief Financial Officer of Mahindra & Mahindra Financial Services Limited, where he played a pivotal role in corporate strategy, capital raising, governance, risk management, regulatory engagement, and technology transformation.
Key Contributions and Experience
During his tenure at Mahindra Group, Mr. Venkatraman was part of the core team involved in setting up and growing several financial services entities, including:
Mahindra Rural Housing Finance
Mahindra Insurance Brokers
Mahindra Manulife Mutual Fund
Mahindra Finance USA
As a respected board professional, he has served on the boards of multiple listed and unlisted companies across financial services, insurance, asset management, fintech, and banking sectors. He continues to hold independent directorships and advisory roles and has received numerous national and international recognitions for excellence in finance, leadership, and corporate governance.
Current Directorships
Mr. Venkatraman currently holds directorships in several listed entities:
Listed Entity: Type SBFC Finance Limited: Debt listed company SML Mahindra Limited (formerly SML Isuzu Limited): Listed company Kotak Mahindra Prime Limited: Debt listed company Avanse Financial Services Limited: Debt listed company
Regulatory Compliance
The appointment has been made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Venkatraman is not related to any of the Directors of the Company and is not debarred from holding the office of Director by any SEBI order or any other authority. The information regarding this appointment has been made available on the company's website at www.praxisretail.in .
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