Haryana Financial Corporation has appointed Vinay Pratap Singh as its Managing Director, effective September 10, 2026.

The appointment was made pursuant to orders from the Government of Haryana dated September 8, 2026. Singh replaces Sushil Sarwan in the role.

Leadership Transition

Singh, an IAS officer of the 2011 batch, joins the corporation after serving as the Excise & Taxation Commissioner for Haryana. He holds a B.Tech degree.

In addition to leading HFC, Singh will concurrently serve as the Managing Director of Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) and Administrator of the Trade Fair Authority of Haryana.

Previous Tenure

Sushil Sarwan, who held the dual charge of Managing Director for both HFC and HSIIDC, has been relieved of these duties. Sarwan is now posted as Director, Development & Panchayats, and Managing Director of Haryana State Co-operative Apex Bank Limited.

The board of Haryana Financial Corporation approved the voluntary delisting of its equity shares from the Bombay Stock Exchange (BSE). The decision was taken during a meeting held on August 19, 2026, following an initial public announcement issued on August 7, 2026, by VC Corporate Advisors Private Limited on behalf of the State Government of Haryana.

The acquirer, representing the promoter group, intends to acquire all equity shares held by public shareholders. The board approved a valuation report determining the value of the equity shares at ₹9.55 per share. This valuation is based on the latest audited financial statements for the financial year ended March 31, 2026.

Delisting Process and Shareholder Approval

The proposal is subject to shareholder approval via a special resolution through a postal ballot. The board fixed August 21, 2026, as the cut-off date to determine eligible shareholders for the ballot. A committee of independent directors, chaired by Smt. Amneet P. Kumar, IAS, has been constituted to provide recommendations on the delisting proposal.

Mr. Girish Madan has been appointed as the scrutinizer to conduct the postal ballot process. The board also designated Ms. Anu as the compliance officer to redress investor grievances.

Regulatory Compliance and Exemptions

The delisting offer operates under exemptions granted by the Securities and Exchange Board of India (SEBI). Key conditions include:

• The exit price must not be less than the floor price determined under Regulation 19A of the SEBI Delisting Regulations.
• Public shareholders must vote in favor of the proposal by at least two times the number of votes cast against it.
• The acquirer must maintain an escrow account as specified in Regulation 14.
• Remaining public shareholders will have a two-year exit window post-delisting to tender their shares at the same price.

What the Numbers Show

The shareholding pattern reveals a highly concentrated ownership structure. As of August 12, 2026, the acquirer and related entities hold 20,63,38,200 shares, representing 99.36% of the paid-up equity capital. In contrast, public shareholders hold only 13,19,900 shares, or 0.64% of the total. This minimal public float underscores the limited liquidity and trading activity on the exchange prior to the delisting initiative.

The due diligence report submitted by CS Alok Purohit confirmed that there were no changes in the shareholding of the acquirer or the top 25 shareholders during the review period preceding the board meeting.