Majestic Auto appointed Puneet Verma as its new Chief Financial Officer effective September 22, 2026. The appointment was approved by the Board of Directors based on recommendations from the Nomination and Remuneration Committee and the Audit Committee.

Appointment details

Verma joins as a Whole-time Key Managerial Personnel (KMP). His appointment aligns with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that the decision was taken at a Board meeting held on Tuesday, September 22, 2026.

Professional background

Verma is an experienced finance professional with over 10 years of comprehensive experience. His expertise spans financial management, accounting, taxation, regulatory compliance, financial reporting, and audit. He holds a Bachelor of Laws (LL.B.) with specialization in Taxation and Legal Matters, a Master of Commerce (M.Com), and a Bachelor of Commerce (B.Com).

Key areas of expertise

• Direct and indirect taxation, including GST and TDS
• NBFC compliances and statutory audits
• Financial reporting and working capital management
• Internal controls and governance-oriented approaches

The company stated that Verma brings a strong combination of financial expertise, taxation knowledge, and leadership capabilities to support its financial objectives and sustainable growth.

Majestic Auto has completed the full infusion of ₹1,05,42,80,536 into Sharan Hospitality Private Limited (SHPL) under its Supreme Court-approved resolution plan. The completion of the equity allotment on September 4, 2026, has made SHPL a wholly owned subsidiary of Majestic Auto.

The final phase of the transaction involved the allotment of 35,80,536 non-convertible debentures (NCDs) worth ₹35,80,536 and the disbursement of an inter-corporate deposit (ICD) of ₹29,28,00,000. This brings the total infused amount to the full consideration value mandated by the July 17, 2026, Supreme Court order.

Transaction Structure

The resolution plan required a total infusion of ₹1,05,42,80,536, split between security subscriptions and debt instruments. Majestic Auto has now fulfilled all components across three phases.

What the Numbers Show

The capital structure remains heavily skewed towards debt instruments. Of the total ₹1,05,42,80,536 infused, only ₹5 crore represents equity stake, while ₹71,14,80,536 is in the form of NCDs and ₹29,28,00,000 is an ICD. This indicates that Majestic Auto’s exposure is primarily creditor-based, aligning with typical resolution applicant strategies to secure priority claims before full equity transfer.

Next Steps

While the equity shares have been credited to Majestic Auto’s demat account, the corporate actions for the NCDs are pending. Upon completion, the company plans to transfer all acquired securities, including 50,00,000 bonus redeemable preference shares proposed for issuance, to NovumLake Property Fund and 360 ONE Real Assets Advantage Fund. This transfer is subject to conditions under the Securities Purchase Agreements and applicable laws. The purchasers are not related parties to the promoter group.