National Standard (India) Limited is a company whose business has already happened. It was a real estate developer that completed its one and only project back in 2018, and since then it has existed solely to sell off the last remaining apartments and shops from that finished building. The company, part of the Lodha Group, is now in the final stages of being absorbed into its parent, making its current operations a simple exercise in winding down inventory while the merger paperwork progresses. # Business segments A single business in run-off - the liquidation of leftover homes and shops from a project finished years ago - with no new construction planned or even contemplated. ## 1. Residual inventory sales: selling what's left of a finished project **The company's entire business is collecting payments on a handful of units in a single completed building, with no new projects on the horizon.** - **One project, finished long ago** - all revenue comes from a single real estate project that was completed in 2018, and the company has had no construction activity since. The project was described as being in Hyderabad and almost fully sold out by 2022, though earlier filings had placed it in Thane. - **Selling to individuals on instalment plans** - the remaining units, both residential and commercial, are sold to individual buyers who pay in stages. The company only recognises the sale as revenue when the occupancy certificate is received and control passes to the customer, not while the buyer is still paying. - **Legal ownership stays until the last cheque clears** - even though customers move in, the company holds onto legal title of the property until every instalment is recovered, which gives it a direct lever if a buyer stops paying. - **No employees, no debt, no new projects** - the company has no staff of its own; its key managers are borrowed from the parent company, and it carries no interest-bearing loans from any bank or financial institution. It has explicitly stated it has no plan to take up any real estate project in the near future. - **A brief, accidental detour into finance** - during the year ended March 31, 2020, the company temporarily parked surplus cash in ways that accidentally triggered an NBFC (non-banking finance company) classification under RBI rules, but it wound down those financial assets and as of the year ended March 31, 2021, it no longer met the criteria and stated the same will be informed to the regulator. # Group structure and partners **The company is a subsidiary being folded into its parent, with no subsidiaries or joint ventures of its own - it is a corporate shell being closed.** - **Controlled by the Lodha Group** - the holding company, Lodha Developers Limited (formerly Macrotech Developers Limited), owns 73.94% of the shares, and the ultimate parent is Sambhavnath Infrabuild and Farms Private Limited. - **A merger three years in the making** - a scheme to merge the company into its parent was first approved by the board in January 2022, revised in July 2024 with a share swap ratio of 92 Lodha shares for every 1,000 held in NSIL, and revised again in August 2025 to exclude another group entity from the plan. The rationale is straightforward: the company has no ongoing projects and no future business opportunities, so maintaining a separate listed entity just creates duplicate overheads and compliance costs. - **One stock exchange listing, no subsidiaries** - the shares trade only on the BSE after a voluntary delisting from the Calcutta Stock Exchange in early 2025, and the company has no subsidiaries, associates, or joint ventures anywhere.