Pasupati Fincap Limited's Board of Directors concluded a significant meeting on March 26, 2026, approving multiple corporate restructuring proposals including a scheme of arrangement for share capital reduction and a complete name change. The board meeting, which commenced at 04:00 P.M. and concluded at 05:50 P.M., addressed several key corporate governance matters under Regulation 30 of SEBI (LODR) Regulations, 2015.

Major Board Decisions

The board approved a comprehensive scheme of arrangement for reduction of share capital due to accumulated business losses, subject to shareholder approval at an Extra-Ordinary General Meeting (EGM) and requisite statutory approvals. Additionally, the board approved changing the company's name from Pasupati Fincap Limited to Harmanshi Appliances Co. Limited.

Share Capital Restructuring Details

The proposed capital reduction involves cancellation and extinguishment of 44,65,000 fully paid-up equity shares of ₹10.00 each on a pro-rata basis. This will reduce the company's paid-up equity share capital from ₹4,70,00,000 comprising 47,00,000 equity shares to ₹23,50,000 comprising 2,35,000 equity shares.

The restructuring aims to set off ₹4,46,50,000 out of accumulated losses totaling ₹5,35,37,249.50 against the reduced share capital, significantly improving the company's balance sheet position.

Director Appointment and EGM Schedule

Based on the Nomination and Remuneration Committee's recommendation, the board appointed Mrs. Rakhi Sharma (DIN: 00333120) as Additional Director (Non-Executive and Independent) for a five-year term effective from February 26, 2026. Mrs. Sharma brings over 10 years of directorial experience with expertise in corporate governance, strategic planning, and risk management.

Regulatory Compliance and Publication

Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015, the company published the EGM notice in newspapers on March 29, 2026. The notice was published in Financial Express (Delhi edition) and Jansatta (Delhi edition), ensuring compliance with regulatory requirements for public disclosure.

Previous EGM Outcome

Notably, a similar scheme of capital reduction was previously placed before shareholders at an EGM held on March 12, 2026, but failed to obtain the requisite majority approval under Section 66 of the Companies Act, 2013. The board has now reapproved the scheme for fresh consideration at the upcoming April EGM.

The company confirmed that since the scheme solely provides for writing off accumulated losses against share capital applied uniformly across all shareholders on a pro-rata basis, it does not require prior approval from stock exchanges under Regulation 37(6)(b) of SEBI (LODR) Regulations, 2015. The scheme will be filed with recognized stock exchanges for disclosure purposes only.

Source: None/Company/INE527C01010/c607fb97-acfe-44e0-9751-b08487622704.pdf

Pasupati Fincap Limited's Extra Ordinary General Meeting held on March 12, 2026, concluded with all four special resolutions being rejected by shareholders, according to the scrutinizer's report submitted on March 13, 2026. The meeting, conducted through video conferencing from 12:00 P.M. to 12:11 P.M. and chaired by Whole Time Director Anil Malik, addressed significant corporate restructuring matters but failed to secure the required majority for any proposed changes.

Meeting Structure and Voting Process

The EGM was conducted with 25 members in attendance, following compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India circulars. The comprehensive e-voting process included remote voting from March 09, 2026, at 9:00 A.M. to March 11, 2026, at 5:00 P.M., with additional voting facility provided during the meeting for attendees who had not participated in remote e-voting. The cut-off date for eligible shareholders was set as March 06, 2026.

Detailed Voting Results

CS Akash Goel of M/s. Akash & Co., Company Secretaries, appointed as scrutinizer, submitted the comprehensive voting report revealing the rejection of all special business items. The voting results showed varying levels of opposition across the four resolutions:

Shareholder Participation Analysis

The e-voting process facilitated by National Securities Depository Limited recorded participation from 40-42 members across different resolutions. Notably, the promoter and promoter group, holding 542,925 shares, did not participate in the voting process for any resolution. All votes came from the public non-institutional category, representing 4,155,975 shares.

Official Communication and Compliance

Following the EGM results, the company formally intimated BSE Limited about the non-receipt of requisite majority for all special business items on March 13, 2026. The official communication, signed by Whole Time Director Anil Malik, confirmed that the company will not proceed with the proposed changes at this time. The intimation was filed under scrip code 511734 and symbol PASUFIN in compliance with SEBI (LODR) Regulations, 2015.

Future Course of Action

The company has indicated that any future proposals for similar business items will be communicated to the stock exchange in due time, following prescribed timelines under SEBI regulations and related circulars. As stated in the official intimation, the company shall not be moving forward with these proposals at the given point of time, but may reintroduce them before members in the future with proper stock exchange notification.