Iykot Hitech Toolroom Forfeits 99,01,931 Partly Paid-Up Equity Shares Following Non-Payment of Call Money

Iykot Hitech Toolroom Limited has forfeited 99,01,931 partly paid-up equity shares of face value ₹5 each, following persistent non-payment of First and Final Call money by the concerned shareholders. The Board of Directors had approved the forfeiture at its meeting held on January 09, 2026, after the company issued multiple reminder-cum-forfeiture notices that went unheeded. The development was disclosed to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Forfeiture Details

The company had issued various reminder-cum-forfeiture notices to the concerned shareholders prior to proceeding with the forfeiture. Despite these reminders, the call money remained unpaid, prompting the Board to proceed with the forfeiture and subsequent cancellation of these shares. BSE Limited formally acknowledged the completion of the forfeiture process through Notice No. 20260511-25 dated May 11, 2026.

The key details of the forfeiture are summarised below:

Parameter:	Details
Number of Shares Forfeited:	99,01,931 Partly Paid-up Equity Shares
Face Value:	₹5 per share
Reason for Forfeiture:	Non-payment of First and Final Call money
Date of Board Approval:	January 09, 2026
BSE Notice Date:	May 11, 2026

Impact on Share Capital

Following the forfeiture and cancellation of the aforementioned shares, the paid-up share capital of the company stands revised as follows:

Capital Structure:	Details
Pre-Forfeiture Capital:	2,02,80,000 Equity Shares (including partly paid-up)
Post-Forfeiture Capital:	1,03,78,069 Fully Paid-up Equity Shares of ₹5 each

The company has stated that it is in the process of completing the corporate actions for the cancellation of the said shares with the depositories, namely NSDL and CDSL.

Exchange Communication

Trading members of BSE were informed through Notice No. 20260511-25, issued by the Listing Operations department on May 11, 2026, that Iykot Hitech Toolroom Limited had forfeited 99,01,931 equity shares of ₹5 each, which were partly paid-up due to non-payment of allotment/call monies. The notice was signed by Marian Dsouza, Assistant Vice President, and Karan Shah, Deputy Manager. The disclosure to the exchange was made on May 12, 2026, and signed by Sukumar Anand Shetty, Additional Director (DIN: 03540525).

Iykot Hitech Toolroom Limited has announced significant changes in its shareholding structure and board composition following the consummation of a Share Purchase Agreement (SPA) dated February 24, 2026. Aspect Global Ventures Private Limited has been officially classified as the Promoter of the company with effect from April 27, 2026, after completing off-market transfers on BSE Limited and acquiring a 34.58% stake. Simultaneously, the four members of the Dugar family — the sellers under the SPA — have been reclassified from the Promoter/Promoter Group category to the Public category, pursuant to Regulation 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction and Promoter Classification

The SPA was executed between Aspect Global Ventures Private Limited and four sellers: Ms. Anjana Dugar, Ms. Likhitta Dugar, Mr. Padam Dugar, and Mr. Antariksh Dugar. Following the consummation of the agreement on April 27, 2026, the acquirer was classified in the Promoter category. The table below details the holdings of the new promoter:

Entity Name:	Category	Date of Becoming Promoter	Type of Securities	No. of Shares	% of Shareholding
Aspect Global Ventures Private Limited	Promoter	April 24, 2026	Equity Shares	35,89,080	34.58%

The disclosure was submitted to BSE Limited on May 5, 2026, in compliance with Regulation 7(1)(b) read with Regulation 6(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.

Reclassification of Outgoing Promoters

Pursuant to Regulation 31A(10) of the Listing Regulations, the four Dugar family members have been reclassified from the Promoter/Promoter Group category to the Public category with immediate effect. The intent of this reclassification was disclosed in the Draft Letter of Offer dated March 11, 2026. The following table summarises the shareholding details of the reclassified promoters:

S. No.:	Name of the Promoter	No. of Shares/Voting Rights Held	Shareholding (%)	Category Before Open Offer	Category After Open Offer
1.	Annjana Dugar	19,36,122	18.66%	Promoter	Public
2.	Likhitta Dugar	5,40,758	5.21%	Promoter	Public
3.	Padam Dugar	8,05,100	7.76%	Promoter	Public
4.	Antariksh Dugar	3,07,100	2.96%	Promoter	Public

Shareholding percentages calculated on the basis of fully paid-up equity shares of the Target Company.

Each of the reclassified promoters has individually confirmed compliance with Regulation 31A(3)(b) of the Listing Regulations. Their confirmations state that they do not hold more than ten percent of the total voting rights in the company, do not exercise direct or indirect control over its affairs, and do not have any special rights through formal or informal arrangements including shareholder agreements. They have further confirmed that they will not be represented on the Board of Directors or act as Key Managerial Personnel for a period of three years from the date of reclassification. Each seller has also confirmed that they are not a wilful defaulter as per Reserve Bank of India guidelines and are not a fugitive economic offender.

Board Appointments

Concurrent with the change in promoter status, the company appointed three individuals as Additional Directors effective April 27, 2026. The appointees have also been classified as Members of the Promoter Group. The table below summarises the details of the newly appointed directors:

Director Name:	DIN	Designation	Date of Appointment	Securities Held
Ms. Aksha Mohit Kamboj	03347200	Additional Director	April 27, 2026	Nil
Mr. Sukumar Anand Shetty	03540525	Additional Director	April 27, 2026	Nil
Ms. Vaishali Sharad Lad	10252839	Additional Director	April 27, 2026	Nil

All three directors confirmed that they do not hold any securities in the company at the time of their appointment. The necessary disclosures in Form B were enclosed with the regulatory filing.

Regulatory Compliance

The company has confirmed full compliance with applicable regulatory requirements. Specifically, the company is compliant with the Minimum Public Shareholding requirement under Regulation 38 of the Listing Regulations, its equity shares are not suspended from trading, and it has no outstanding dues payable to SEBI, the Stock Exchange, or the Depositories. The intimation under Regulation 31A(10) of the Listing Regulations was signed by Suresh Rajasekar, Director (DIN 07706731), on May 5, 2026.