Sharp India Limited has reclassified its promoter group after Smart Services Private Limited acquired 75% of the company's total paid-up share capital. Consequently, Sharp Corporation has ceased to be a promoter and is now categorized under the public category, while Smart Services Private Limited is categorized as the promoter and promoter group effective from the date of submission.

The reclassification follows a Share Purchase Agreement executed on April 14, 2026, between Smart Services Private Limited and Sharp Corporation for the acquisition of 1,94,58,000 equity shares. This transaction triggered a mandatory open offer under the SEBI (Substantial Acquisition and Takeover) Regulations, 2011. Upon completion of the open offer and the Share Purchase Agreement, Smart Services Private Limited acquired the shares, resulting in Sharp Corporation ceasing to hold any equity shares and losing control of the company. The Board has since been reconstituted to reflect this change in control.

The company stated that all requirements for reclassification under Regulation 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been satisfied. The intent of the reclassification was disclosed in the offer documents, including the Initial Public Announcement, Detailed Public Statement, and Letter of Offer. The promoters have complied with the relevant clauses of Regulation 31A, and the company has met the necessary compliance sub-clauses.

Transaction Details

The reclassification will be noted in a subsequent Board meeting. The filing was submitted to the BSE Limited on July 16, 2026, under Regulation 30 and Regulation 31A of the SEBI Listing Regulations.

Sharp India Limited has published its postal ballot notice in newspapers on July 8, 2026, confirming the dispatch of notices to shareholders for the approval of 15 resolutions. The company is seeking shareholder consent through remote e-voting for key proposals, including a change of name to Smaart Tech Services Limited and the appointment of a Managing Director. The e-voting period commences on July 8, 2026, at 9:00 a.m. IST and concludes on August 7, 2026, at 5:00 p.m. IST.

The Board of Directors has recommended the appointment of Mr. Anant Raghute as the Managing Director for a three-year term from June 5, 2026, to June 4, 2029. Shareholders are asked to approve his remuneration, comprising a yearly gross salary of ₹40,08,000 and a total cost to company of ₹42,06,692. Additionally, the notice proposes the appointment of Mr. Sandeep Deshmukh and Mr. Salil Halve as Non-Executive Non-Independent Directors, and Mr. Yashavant Avatade, Mr. Sanjeev Mahajan, and Ms. Bhakti Hosalkar as Non-Executive Independent Directors for five years.

A special resolution has been proposed to change the company's name from “Sharp India Limited” to “Smaart Tech Services Limited” to reflect business diversification following a change in controlling shareholding. This change requires subsequent alterations to the Memorandum of Association and Articles of Association. The Board also seeks approval to alter the object clause to include new activities such as logistics, data centers, and healthcare services.

Shareholders are requested to approve the remuneration of Mrs. Padmini Urane as Chief Financial Officer with a proposed yearly CTC of ₹35,00,001. The notice includes resolutions for material related party transactions with Smart Services Private Limited and Jayostute Capital Private Limited, involving loans and expense reimbursements aggregating to ₹14,000 Lakhs from August 30, 2026, to July 31, 2027. Furthermore, the company seeks approval to mortgage assets to avail credit facilities up to ₹500 Crores and to sell land and assets admeasuring 1,08,609 square meters located at Koregaon Bhima, Pune.

The postal ballot notice was sent electronically to members recorded in the Register of Members as on July 3, 2026. Mr. Sridhar G. Mudaliar and Mrs. Meenakshi R. Deshmukh of M/s. SVD & Associates have been appointed as scrutinizers. The company confirmed that the advertisement was published in 'Financial Express' and 'Loksatta' on Wednesday, July 8, 2026.