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Board approves up to ₹35 crore SaiEdge Realty investment, appoints Independent Director

Board meeting on October 19, 2026 covered four items.

By ScoutQuest · Mon 19 Oct 2026, 6:28 PM IST · 3 min read

Investment Approved

up to ₹35 crore

Stake Acquired

up to 49% on a fully diluted basis

Independent Director Term

October 19, 2026 to October 18, 2031

Two board changes and a real estate investment came out of the same meeting.

Board changes

• Mr. Avalur Gopalaratnam Muralikrishnan resigned as Independent Director with effect from the close of business hours on October 19, 2026. The board recorded its appreciation for his contribution during his tenure.
• Mr. Ishwar Subramanian was appointed Additional Director in the capacity of Independent Director with effect from October 19, 2026, on the recommendation of the Nomination and Remuneration Committee. He holds office up to the date of the ensuing General Meeting or three months from the date of appointment, whichever is earlier.
• The board has recommended his appointment as Independent Director for a term of five consecutive years, from October 19, 2026 to October 18, 2031, not liable to retire by rotation, subject to approval of the members by postal ballot.
• His profile: a Chartered Accountant and Bachelor of Commerce from Shri Ram College of Commerce, Delhi, with over four decades of experience in senior leadership roles in multinational companies, as a private equity investor, entrepreneur and board member. He was Chief Executive Officer of Akzo Nobel Coatings India Asia and earlier Chief Financial Officer of 3M India Limited and Courtaulds Coatings and Sealants India. He co-founded Forum Synergies and MSupply, currently leads Cerebral Consultancy Services, and is an Independent Director and Chairman of the Audit Committee of V-Guard Industries Limited.

Audit Committee reconstituted, effective October 19, 2026

• Mr. Ishwar Subramanian, Independent Director — Chairperson
• Ms. Sachi Krishana, Independent Director — Member
• Mr. Rishi Das, Chairman, Executive Director and CEO — Member

Investment in SaiEdge Realty Private Limited

• The board approved an investment of up to ₹35 crore, in one or more tranches, by way of subscription to equity shares and/or convertible securities of SaiEdge Realty Private Limited.
• The investment is for up to 49% of SaiEdge's share capital on a fully diluted basis.
• Consideration is cash. The price of the securities, and the number of shares and convertible securities, will be determined on execution of the definitive agreements.
• SaiEdge was incorporated on July 28, 2026, has a paid-up share capital of ₹1,00,000, has not yet commenced business operations and has no turnover. Its line of business is development of commercial office space, and its country of presence is India.
• Stated object: strategic participation in a commercial real estate opportunity. SaiEdge will undertake development of owned commercial space, and the Company intends to take on lease the commercial office space developed by SaiEdge, on completion.
• The proposed investment is not a related party transaction, and none of the promoters, promoter group entities, group companies, directors or key managerial personnel, or their relatives, has any interest in SaiEdge. On completion of the investment, SaiEdge will become a related party, and future transactions with it, including the proposed lease, will be on an arm's length basis with prior approval of the Audit Committee.
• No governmental or regulatory approval is required for the investment.
• The remaining shareholding in SaiEdge will be held by other investors. The investment is subject to execution of definitive agreements, after which the tranches will be made as the conditions in those agreements are fulfilled.

What a reader can take away

• The SaiEdge item is a board approval to invest up to ₹35 crore for a minority stake of up to 49%; the money is to go in one or more tranches once definitive agreements are executed and their conditions are fulfilled.
• SaiEdge has no turnover and has not started operations, so it is an early-stage commercial development vehicle; the Company also intends to lease the space it develops on completion.
• The Audit Committee has two Independent Directors and the Chairman, Executive Director and CEO as members, with the new Independent Director as Chairperson.

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