Rasikbhai Gokalbhai Bhalodi faces Rs 14.68 crore claim

Rasikbhai Gokalbhai Bhalodi faces a pending Rs 14.68 crore civil claim arising from a proposed purchase of 70% of Sachi Molding Solutions Pvt. Ltd. Rasikbhai Bhalodi has separately sought transfer of the same 70% holding, alleging he invested Rs 4.56 crore. Both commercial suits are listed for October 1, 2026.

What is the Rs 14.68 crore claim against Rasikbhai Bhalodi?

The Rs 14.68 crore claim alleges that Rasikbhai Bhalodi breached a memorandum of understanding, or MOU, to acquire 70% of Sachi Molding Solutions for Rs 12.50 crore in part payments. Sachi Molding Solutions and another plaintiff filed Commercial Suit No. 10/2021 before the Principal Senior Civil Judge (SD), Dadra and Nagar Haveli at Silvassa against Rasikbhai Bhalodi.

The plaintiffs allege that the MOU required Rs 2.50 crore as an advance on execution and Rs 10 crore as the remaining payment. They allege that neither amount was paid, but acknowledge that Rasikbhai Bhalodi paid Rs 32 lakh as an initial capital contribution under the MOU. On that account, the alleged unpaid purchase consideration is Rs 12.18 crore rather than Rs 12.50 crore.

The suit seeks Rs 12.18 crore as the alleged outstanding amount and Rs 2.50 crore for damages said to have been incurred in maintaining Sachi Molding Solutions. It also seeks interest at 12% a year from the filing date until realisation. The stated Rs 14.68 crore total remains a claim rather than a court-determined liability, because the matter is pending adjudication with its next hearing on October 1, 2026.

What does Rasikbhai Bhalodi seek from Sachi Molding Solutions?

Rasikbhai Bhalodi seeks transfer of the proposed 70% shareholding in Sachi Molding Solutions rather than a stated monetary recovery. He filed Commercial Suit (Civil Court) No. 11 of 2021 on April 3, 2021 before the Principal Senior Civil Judge at Silvassa against Sachi Molding Solutions and another defendant.

Rasikbhai Bhalodi alleges that Sejal Kanti Pradhan, described as Sachi Molding Solutions’ general manager, approached him to invest because the company had been classified as a non-performing asset, or NPA, by Saraswat Cooperative Bank Limited. An NPA is a loan account classified as non-performing by a lender. The pleading also says the bank had initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, or SARFAESI Act.

Rasikbhai Bhalodi further alleges that discussions with Ravindra Mody, described as sole administrator and director, resulted in an MOU under which he would invest Rs 12.50 crore for 70% ownership. He alleges that he invested Rs 4.56 crore but received no shares against that payment. His suit asks the court to direct the second defendant to transfer 70% of Sachi Molding Solutions’ shares to him or persons nominated by him.

How do the two Sachi Molding Solutions cases differ?

The two cases give different accounts of payments under an arrangement valued at Rs 12.50 crore. The plaintiffs in Commercial Suit No. 10/2021 acknowledge Rs 32 lakh as initial capital contribution and allege Rs 12.18 crore remains unpaid. Rasikbhai Bhalodi, in Commercial Suit (Civil Court) No. 11 of 2021, alleges an investment of Rs 4.56 crore and seeks the agreed 70% shareholding.

The difference between the Rs 4.56 crore investment alleged by Rasikbhai Bhalodi and the Rs 32 lakh contribution acknowledged by the plaintiffs is Rs 4.24 crore. That difference is unresolved in the disclosure. The first case seeks payment and damages, while the second seeks transfer of shares, and the prospectus does not state that either court has tested the evidence or decided the MOU’s performance.

The outcomes also require different findings. For Rasikbhai Bhalodi to obtain a share transfer, the court would need to grant the relief sought in Commercial Suit (Civil Court) No. 11 of 2021. For Sachi Molding Solutions to obtain payment under Commercial Suit No. 10/2021, the plaintiffs would need to establish the alleged breach, unpaid amount and damages; the prospectus records pleadings, not findings.

Why is the Rs 14.68 crore claim material to the prospectus?

The Rs 14.68 crore claim is far above the issuer’s disclosed material-litigation threshold. On September 25, 2025, the board determined that litigation involving the company, directors, key managerial personnel, senior managerial personnel or promoters would be material where its value or expected effect exceeded the lowest of three specified financial measures.

The disclosed measures were 2% of turnover, or Rs 3.9625 crore, 2% of net worth, or Rs 1.1136 crore, and 5% of the average absolute profit or loss after tax for the preceding three annual restated financial statements, or Rs 29.89 lakh. The Rs 29.89 lakh measure was the lowest. The Rs 14.68 crore claim is about 49 times that measure, although its inclusion in the disclosure does not establish liability.

The prospectus separately states that, except for disclosed matters, there were no criminal proceedings, regulatory actions, direct or indirect tax claims, specified Securities and Exchange Board of India or stock-exchange disciplinary actions, or material litigation involving the company, directors and promoters. For promoters specifically, it reports no outstanding criminal litigation and no outstanding regulatory action as of the red herring prospectus date, alongside the two pending Sachi Molding Solutions civil suits.

The issuer’s own litigation is distinct from the promoter dispute. For example, Shree TNB Polymers Limited filed Commercial Suit (Civil Court) No. 06/2026 on July 1, 2026 over an alleged defective 243.75 kilowatt solar roof system, seeking Rs 3.0780518 crore plus Rs 20 lakh for specified losses. That case is listed for October 3, 2026 and does not alter the parties, payment assertions or requested share transfer in the two Sachi Molding Solutions proceedings.

Conclusion

The disclosure presents an unresolved two-way dispute over a proposed 70% holding in Sachi Molding Solutions. Rasikbhai Bhalodi is defending a Rs 14.68 crore claim based on alleged non-payment under a Rs 12.50 crore MOU, while seeking transfer of the same stake on an allegation that he invested Rs 4.56 crore. The Rs 32 lakh contribution acknowledged by the plaintiffs and the Rs 4.56 crore investment alleged by Rasikbhai Bhalodi are competing payment accounts that remain unadjudicated.

The disclosed date to watch is October 1, 2026, when both Commercial Suit No. 10/2021 and Commercial Suit (Civil Court) No. 11 of 2021 are scheduled for hearing. A later court order or settlement could determine whether the transaction results in payment, a share transfer, another remedy or no relief for either side.