KRBL emerges successful bidder for Haryana PACL properties at ₹403 crore

Major basmati rice producer and owner of the India Gate brand, KRBL Limited, on Wednesday (October 1), said it has been declared the successful bidder in the e-auction conducted by the Justice (Retd.) R.M. Lodha Committee in the matter of PACL Limited.

The e-auction covered immovable properties situated in Panipat, Haryana. KRBL submitted a final bid of ₹402.86 crore, significantly above the reserve price of ₹104.09 crore.

According to the company, the properties will be used for setting up a plant, carrying out warehousing and allied activities, or for partial monetisation of land. KRBL noted that the parties involved are not related to its promoters or group companies, and the transaction is not a related-party deal.

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No shares or loans are involved in the transaction, and there are no special rights, conflicts of interest, or nominee appointments arising from the agreement.

Last month, Anil Kumar Mittal, Chairman and Managing Director of KRBL Ltd, termed all the allegations made by former Independent Director Anil Kumar Chaudhary in his resignation letter as false.

Mittal said that the board has approved the appointment of an external auditor to vet the allegations made by Chaudhary in his letter. He added that it will take about 30 days to go into the details of the six or seven allegations that Chaudhary has made.

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"I think these things will come out in a transparent manner after 30 days. "Let the independent auditors make their review on the subject, and that will be more authentic," Mittal said. The information regarding Chaudhary's resignation was shared on the exchanges last week, but KRBL made details of his letter public only on Sunday.

Shares of KRBL Ltd ended at ₹345.00, up by ₹0.45, or 0.13%, on the BSE.