Praxis Home Retail Limited has recently come under legal scrutiny following the filing of an Interlocutory Application by Aegis Resolution Services Private Limited, the Resolution Professional for Ojas Tradelease and Mall Management Private Limited. This application has been submitted to the National Company Law Tribunal (NCLT) in Mumbai, specifically concerning Company Petition (IB) No. 865 of 2022. The application seeks to declare a Lease Deed dated March 23, 2022, between Ojas Tradelease and Praxis as fraudulent and onerous. As of now, the NCLT has not yet admitted this application, leaving the future of the case uncertain.

The Interlocutory Application requests the tribunal to direct Praxis Home Retail to compensate for alleged losses incurred due to the purportedly fraudulent lease agreement. In response to this legal challenge, the company has stated that it is actively seeking legal advice and is prepared to defend its position vigorously. Furthermore, since the matter has yet to be admitted, the financial implications for Praxis will depend on the NCLT's eventual ruling, with further disclosures promised should the case proceed.

This disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, emphasizing the company's commitment to transparency. Praxis Home Retail has assured stakeholders that it will keep the exchanges informed of any significant developments as the situation unfolds. The outcome of this legal challenge could have notable implications for the company's financial health and reputation in the retail market.