Board approves scheme of arrangement with wholly owned subsidiary Satguru; EY LLP appointed internal auditor

Board meeting held on Thursday, 1st October, 2026; the meeting commenced at 6.45 p.m. and concluded at 7.05 p.m.

Thu 1 Oct 2026

Board Meeting Date

Thursday, 1st October, 2026

Meeting Duration

commenced at 6.45 p.m. and concluded at 7.05 p.m.

Scheme of Arrangement

between the company (Resulting Company) and Satguru Corporate Services Private Limited (Demerged Company) — a wholly owned subsidiary

Statutory Basis

Sections 230-232 of the Companies Act, 2013

Internal Auditor Appointed

M/s. Ernst & Young LLP, Chartered Accountants, up to 31st March, 2027

What the board approved

• A Scheme of Arrangement between Sunteck Realty Limited, described in the update as the Resulting Company, and Satguru Corporate Services Private Limited, described as the Demerged Company and a wholly owned subsidiary of Sunteck, together with their respective shareholders.
• The scheme is framed under Sections 230-232 of the Companies Act, 2013 and other applicable provisions of that Act.
• Based on the recommendation of the Audit Committee, the appointment of M/s. Ernst & Young LLP, Chartered Accountants, as Internal Auditor of the company up to 31st March, 2027.

The meeting of the Board of Directors commenced at 6.45 p.m. and concluded at 7.05 p.m.

Reading the labels as written

• Resulting Company is the description given to Sunteck Realty Limited in this scheme.
• Demerged Company is the description given to Satguru Corporate Services Private Limited, which the update states is a wholly owned subsidiary of Sunteck.
• A Scheme of Arrangement is a formal route under the Companies Act, 2013 for reorganising a company's structure, for example combining, separating or reshaping businesses.

For a novice, a wholly owned subsidiary is a company in which the parent holds the entire shareholding. The update describes Satguru as such a subsidiary of Sunteck.

What an internal auditor does

• An internal auditor reviews the company's internal processes and controls on an ongoing basis and supports risk management, control and governance processes.
• This is separate from the statutory auditor, who audits the annual financial statements.
• The appointment here runs up to 31st March, 2027, and the update notes it follows the Audit Committee's recommendation.

What the announcement is

• It is an outcome of a board meeting, recorded for the stock exchanges.
• The two decisions recorded are the approval of the scheme and the appointment of the internal auditor.
• The update also carries a short profile of EY, describing its assurance, tax, transaction and advisory services and its internal audit focus areas.

How this may be perceived

Decisions of this kind are generally read as updates on how the group is organised and how its internal review and control functions are staffed. The update records the board's approval of both items; it does not set out any financial terms or scheme mechanics in this intimation.

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