Supra Pacific Financial Services Limited has announced the withdrawal of its In-Principle Approval Application from the Bombay Stock Exchange (BSE) and the cancellation of its proposed preferential issue of equity shares. This decision comes in the wake of regulatory observations and BSE queries that highlighted the non-permissibility of issuing equity shares against non-cash consideration for immovable property acquisition under the current SEBI ICDR (Issue of Capital and Disclosure Requirements) framework.

Key Details of the Withdrawn Application

The company had initially planned two preferential issues:

Reasons for Withdrawal

The Board of Directors, in a meeting held on November 21, considered several factors before deciding to withdraw the application:

1. Queries raised by BSE Limited in Case No. 243437 dated August 20.
2. Regulatory observations received regarding the proposed preferential issue.
3. Professional opinion on the permissibility of issuing equity shares for non-cash consideration under SEBI regulations.

Regulatory Non-Compliance

After reviewing Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Board concluded that:

• Issuing equity shares on a preferential basis against non-cash consideration for acquiring immovable property is not permissible under the current SEBI ICDR framework.
• The proposed preferential issues no longer align with the applicable regulatory framework and the previously approved objectives.

Future Plans

The company has stated that any future fund-raising proposals will be considered afresh in compliance with applicable laws and presented to the Board separately with appropriate justification.

Corporate Action Timeline

The Managing Director, Joby George, has been authorized to submit the necessary withdrawal communication to BSE Limited and complete all related formalities.

This development underscores the importance of regulatory compliance in corporate actions and highlights the scrutiny that preferential share issues face, especially when involving non-cash considerations.

Supra Pacific Financial Services Ltd. , a non-banking financial company, has announced significant changes to its board structure and governance. The company has made two key leadership moves that are set to shape its future direction.

New Chairman Appointment

Mr. Joby George, the current Managing Director of Supra Pacific Financial Services, has been appointed as the Chairman of the company, effective November 14, 2025. This appointment is in addition to his existing role as Managing Director, signaling a consolidation of leadership at the top of the organization.

Mr. George brings over two decades of experience in the financial marketing space to his expanded role. As an Arts Graduate, he offers a unique perspective to the financial services industry. His career has been marked by success in developing marketing teams for various financial businesses, and he has held responsible positions in leading financial service industries.

Key Attributes of the New Chairman

• Experience: Over 20 years in the financial industry
• Expertise: Coordinating and leading teams, developing marketing strategies
• Background: Instrumental in developing non-banking financial institutions in South India
• Skills: Excellent communication, strong convincing ability, adaptability to handle multiple tasks

Mr. George is known for his dynamic leadership style and his ability to deliver results. His appointment as Chairman, while retaining his role as Managing Director, suggests that Supra Pacific Financial Services is looking to leverage his expertise and vision more broadly across the organization.

Director Resignation

In a separate development, Mr. R Balakrishnan has resigned from his position as Non-Executive Director, effective September 9, 2025. The company stated that Mr. Balakrishnan's resignation was due to personal reasons.

Recent Financial Performance

These changes in the board composition come at a time when Supra Pacific Financial Services has reported strong financial performance. In its recent Q2 FY 2025-26 results, the company reported significant growth across key financial parameters:

As Supra Pacific Financial Services navigates these leadership changes, stakeholders will be keenly watching how these developments influence the company's strategic direction and operational performance in the coming quarters.