Panthraora Limited, formerly JMG Corporation Limited, has reclassified promoter Atul Kumar Mishra to the public category. The change follows the completion of an open offer by acquirer Neerav Bairagi on March 18, 2026.

The company disclosed the move under Regulation 31A(10)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Bairagi is now classified as a promoter of the company.

Reclassification Details

Mr. Mishra holds 0% of the shareholding in the company. He confirmed he does not hold more than ten percent of total voting rights and exercises no direct or indirect control over company affairs.

He also stated he holds no special rights through formal or informal arrangements. Mr. Mishra will not be represented on the Board of Directors or act as Key Managerial Personnel for three years from the date of reclassification.

Compliance Undertakings

The company confirmed compliance with Minimum Public Shareholding requirements under Regulation 38. Equity shares are not suspended from trading, and there are no outstanding dues to SEBI, stock exchanges, or depositories.

Mr. Mishra is not a wilful defaulter per RBI guidelines nor a fugitive economic offender. The reclassification takes immediate effect.

JMG Corporation Limited has scheduled an Extraordinary General Meeting (EGM) on July 25, 2026, to seek shareholder approval for raising its borrowing and investment limits to ₹100 crore. The meeting, to be held via Video Conferencing, will also deliberate on changing the company's name to Panthaora Limited and shifting its registered office from Delhi to Rajasthan.

The Board proposes to enhance the overall borrowing limits and create charges on assets under Section 180(1)(c) of the Companies Act, 2013. Shareholders will also vote on increasing limits for investments, loans, and guarantees under Section 186 of the Act, with the aggregate amount not exceeding ₹100 crore at any point in time. These measures are intended to provide the necessary financial flexibility to support the company's business operations and strategic objectives.

Corporate Restructuring

A special resolution has been proposed to change the name of the company from JMG Corporation Limited to Panthaora Limited. The Board stated that the new name reflects the company's current ownership and management structure following a change in control. Additionally, the company seeks approval to shift its registered office from the jurisdiction of the Registrar of Companies, Delhi, to the Registrar of Companies, Jaipur, subject to necessary regulatory approvals.

Key Appointments

The EGM agenda includes the appointment of Mr. Neerav Bairagi as Chairman and Managing Director for a term of five years effective from April 27, 2026. His remuneration package includes a monthly salary of up to ₹4,00,000 along with perquisites such as medical insurance, provident fund, and gratuity. The company also proposes to appoint Mr. Rahul Singh Jadaun and Ms. Yashasvi Pareek as Independent Directors, and regularise Ms. Maya Bairagi as a Non-Executive Non-Independent Director.

Related Party Transactions

Shareholders will consider an ordinary resolution to approve material related party transactions with Fashkart Retail, a proprietorship concern of Mr. Neerav Bairagi. The company proposes to enter into contracts for the purchase of goods and materials with an aggregate value not exceeding ₹25 crore per annum. The Audit Committee has reviewed and approved these transactions, which are expected to be conducted on an arm's length basis.

The remote e-voting period commences on July 22, 2026, and concludes on July 24, 2026. The record date for determining shareholder eligibility is July 18, 2026.