The MC + RdC meeting this morning had several matters to discuss in its agenda. One of them was the  draft  financial due diligence report received from Gokhale and Sathe. This report was discussed in the MC meeting today and I report to you the highlights of this discussion.

First, after reading the report, Pammu and Sunil had brainstormed and concluded that the report had several shortcomings that could be, and should be fixed easily. The most important point was that the data used was of the year ended March 2024. They had a discussion with the consultant on this shortcoming and other observations.

Rustomjee’s (Keystone Realtor’s) financial statement for the year ended March 2025 is available but it was not used in the Gokhale and Sathe report. Agami’s financial statement for March 2025 is still not available. But, we are past the date by which such a statement should be available.

Pammu therefore has persuaded Agami to provide its latest financial statement for March 2025. We expect Agami to make this information available to the consultants soon.

Gokhale and Sathe’s report is quite involved using all kinds of financial ratios and scoring mechanisms to arrive at its conclusion. But, these conclusions are based on outdated financial data.

The MC advised Pammu that he should put pressure on Gokhale and Sathe to make the updated report available by late Wednesday or early Thursday. Pammu said he will check with them as he needs to take into account that the firm will have to work through the Diwali holidays.

It was decided that the updated report will be made available to all members without any further major examination. MC and RdC members will study the report and also comment on it but it will not be held from release after having already gone through one process of our own due diligence in ensuring the report is useful.

With this, it is very likely the report will become available to all members before the next SGM.

The report will not be able to examine the nature of Agami’s proposed financial tie-ups. These were announced in the presentations. But, the nature of these arrangements has not been presented to the MC yet in any concrete shape. Till we don’t have any concrete proposal we will not be able to examine it.

The MC also decided that the consultants need not bother about Supreme Sky. This company has reneged on its earlier commitment to adhere to tender document conditions. It therefore does not even qualify to be shortlisted anymore.

Wishing everyone a very Happy Diwali.