Master Trust promoters Harjeet Singh Arora and Rajinder Kumar Singhania have released the pledge on a combined 15,00,000 equity shares. The disclosure was filed with stock exchanges on August 11, 2026, citing repayment or closure of loans as the reason for the release.

The shares were originally pledged in favor of ICICI Bank Limited as collateral for loans availed by Master Capital Services Limited, a wholly owned subsidiary of the company. The release of encumbrance removes all pledged holdings for both promoters.

Shareholding Details

Following the release of the pledge, the post-event holding of encumbered shares for both promoters stands at zero. The total promoter group holding remains unchanged at 8,84,87,120 shares, representing 71.93% of the total share capital.

What the Numbers Show

The complete release of pledged shares by the two largest promoters indicates a reduction in leverage associated with their stake. With zero encumbered shares remaining for Arora and Singhania, the immediate risk of pledge invocation for these specific holdings is eliminated.

The disclosure was made under Regulation 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Other promoters, including Mrs. Harneesh Kaur Arora and Mr. Jashanjyot Singh Arora, reported no changes to their pledged status.

Master Trust has scheduled its 41st annual general meeting for September 30, 2026, in Ludhiana. Shareholders will vote on related party transactions with Master Capital Services Limited, capped at ₹1,500 crore per single transaction.

The board also approved the re-appointment of Harneesh Kaur Arora as a director and the adoption of audited financial statements for FY26.

Key Board Approvals

The meeting held on September 3, 2026, covered several corporate governance matters:

• AGM Schedule: The annual general meeting will be held on September 30, 2026, at 4:00 pm at A Hotel by Grewalz in Ludhiana.
• Book Closure: The register of members will close from September 25 to September 30, 2026.
• Director Re-appointment: Harneesh Kaur Arora (DIN 00089451) was approved for re-appointment as a director liable to retire by rotation.
• Scrutinizer Appointment: Pooja M. Kohli & Associates was appointed as scrutinizer for remote e-voting and postal ballot processes.

Related Party Transactions

The board approved material related party transactions with Master Capital Services Limited for the period between the 41st AGM in 2026 and the 42nd AGM in 2027. These transactions must be conducted at arm's length and in the ordinary course of business.

Remote e-voting will run from September 25, 2026, at 10:00 am to September 29, 2026, at 5:00 pm. The cut-off date for determining eligible shareholders is September 18, 2026.