Pasupati Fincap Limited will hold its 31st Annual General Meeting on Monday, September 28, 2026, at 12:00 pm. The company seeks shareholder approval to rescind its earlier decision to change its corporate name to Harmanshi Appliances Co Limited.

The Board of Directors recommended withdrawing the name change proposal after evaluating business, commercial, and regulatory implications. The original resolution to adopt the new name was passed at an Extra-Ordinary General Meeting held on April 24, 2026.

Strategic Realignment

The Board cited three primary reasons for reversing the decision. First, the company has reconsidered its business strategy and decided not to proceed with diversification into the appliances sector at this stage. Core activities will remain aligned with existing objects in textiles and plastics.

Second, management emphasized the preservation of brand value and regulatory standing. The name Pasupati Fincap Limited has established significant market goodwill and credibility among lenders and regulators, including the Securities and Exchange Board of India. Retaining the current identity avoids potential disruption to these relationships.

Third, the Board noted the commercial inexpediency of the compliance burden required for a name change. Effecting the change would necessitate re-executing or amending numerous agreements, licenses, and regulatory registrations, including PAN, GST records, and bank accounts.

Ordinary Business Agenda

In addition to the special resolution regarding the name change, the AGM agenda includes standard ordinary business items. Shareholders will receive, consider, and adopt the Audited Financial Statements for the financial year ended March 31, 2026. This includes the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement, along with reports from the Board of Directors and Statutory Auditors.

The meeting will also consider the re-appointment of Mr. Rishabh Talwar as a Director. He retires by rotation and is eligible for re-appointment. Mr. Talwar is a non-executive and non-independent director with over 10 years of experience in manufacturing, capital markets, and trading. He currently serves as an independent director at Kalyan Capitals Limited and SNS Properties and Leasing Limited.

Meeting Logistics

The 31st AGM will be conducted through Video Conferencing or Other Audio Visual Means, in compliance with Ministry of Corporate Affairs and SEBI circulars. Physical attendance is not permitted. Members can join the session via the Central Depository Services (India) Limited e-Voting platform.

Remote e-voting facilities are available from September 25, 2026, to September 27, 2026. Shareholders holding shares as on the cut-off date of September 21, 2026, are eligible to vote electronically. The facility for appointing proxies is not available for this virtual meeting.

Uday Narang has initiated a mandatory open offer to acquire up to 12,22,000 fully paid-up equity shares of Pasupati Fincap Limited (BSE: PASUFIN) at an offer price of ₹12 per share. The Draft Letter of Offer, dated August 19, 2026, was submitted to the Securities and Exchange Board of India (SEBI) and the Bombay Stock Exchange (BSE), marking the formal commencement of the acquisition process.

The open offer is triggered by a Share Purchase Agreement (SPA) executed on August 5, 2026, between Narang and Dinesh Pareekh, a promoter of the target company. Under the SPA, Narang acquired 5,42,925 equity shares representing 11.55% of the voting share capital for a total consideration of ₹65,15,100. This transaction transfers management control to Narang, who will replace the existing promoter group as the company’s promoter upon completion.

Offer Details and Timeline

The open offer size represents 26% of the voting share capital of Pasupati Fincap. If fully accepted, Narang’s total holding would increase to 37.55%. The offer is unconditional and not subject to any minimum acceptance level. Key dates for the transaction include:

• Public Announcement Date: August 5, 2026
• Draft Letter of Offer Filing: August 19, 2026
• Identified Date: September 15, 2026
• Tendering Period Commencement: September 29, 2026
• Tendering Period Closure: October 13, 2026

Fintellectual Corporate Advisors Private Limited serves as the Manager to the Offer, while Skyline Financial Services Private Limited acts as the Registrar to the Offer. Nikunj Stock Brokers Limited has been appointed as the buying broker for the transaction.

Financial Arrangements

Narang has confirmed adequate financial resources to fulfill the offer obligations without external borrowings. His individual net worth, certified by chartered accountants Kapil Kumar Aggarwal & Associates as on July 31, 2026, stands at ₹40,05,86,655. To secure the offer, Narang has deposited ₹37,00,000 into an escrow account with Yes Bank Limited, which exceeds the mandatory 25% requirement of the maximum consideration of ₹1,46,64,000.

The offer price of ₹12 per share is justified under Regulation 8(2) of the SEBI (SAST) Regulations, 2011, as it is higher than the volume-weighted average market price of ₹11.08 per share over the 60 trading days preceding the public announcement. The shares are considered frequently traded, with a turnover of 24.35% of total listed equity shares in the twelve months prior to the announcement.

What the Numbers Show

Pasupati Fincap reported a profit after tax of ₹33.83 lakh for the unaudited period ended June 30, 2026, marking a significant improvement from a loss of ₹29.54 lakh in FY26. This turnaround was driven by a sharp rise in income from operations, which grew to ₹45 lakh in the six-month period compared to just ₹8.95 lakh for the entire preceding fiscal year. Despite the operational recovery, the company continues to carry negative reserves and surplus of ₹525.33 lakh, indicating that accumulated historical losses remain substantial relative to its current profitability.

Regulatory and Corporate Context

Pasupati Fincap is engaged in the manufacture and trade of polyester filament yarn, viscose, and other textile fibers. The company’s authorized share capital is ₹5 crore, with an issued, subscribed, and paid-up capital of ₹4.7 crore. The target company has faced regulatory scrutiny in the past, including fines from BSE for non-compliance with listing obligations and the cancellation of its RBI registration certificate in March 2026. Additionally, an application for share capital reduction is pending before the National Company Law Tribunal (NCLT), New Delhi Bench.

Public shareholders are advised to consult their tax advisors regarding capital gains implications. For resident shareholders, no tax deduction at source is expected by the acquirer. Non-resident shareholders must submit necessary RBI approvals and tax clearance certificates to participate in the offer.