News Stocks Fusion Finance Limited Proposes Reclassification of Mr. Devesh Sachdev & Family from Promoter to Public CategoryFusion Finance Limited Proposes Reclassification of Mr. Devesh Sachdev & Family from Promoter to Public Category
Fusion Finance Limited announced the proposed reclassification of Mr. Devesh Sachdev and his family from "Promoter & Promoter Group" to "Public" category following his resignation as Managing Director on 30 September 2025 and from the Board on 4 November 2025. The company notified stock exchanges on 21 February 2026 and will seek board approval, stock exchange no-objection, and shareholders' approval under SEBI LODR Regulations. Other promoter entities will continue as promoters with majority shareholding.
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Fusion Finance Limited has announced a formal request from Mr. Devesh Sachdev and his family members seeking reclassification of their status from the "Promoter & Promoter Group" category to the "Public" shareholder category. The company disclosed this development through a press release dated 23 February 2026, submitted to both NSE and BSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Leadership Transition Timeline
The reclassification request follows a comprehensive governance transition that unfolded over several months in 2025. The structured leadership changes created the foundation for this shareholding category modification.
| Event | Date | Details |
|---|---|---|
| Managing Director Resignation | 30 September 2025 | Mr. Sachdev stepped down from executive role |
| Board Resignation | 4 November 2025 | Complete withdrawal from Board of Directors |
| Articles Amendment | January 2026 | Shareholders approved removal of special rights |
| Reclassification Request | 21 February 2026 | Stock exchanges formally notified |
Regulatory Compliance Process
The company has initiated the reclassification process in accordance with applicable SEBI regulations. Fusion Finance informed stock exchanges about this request on 21 February 2026, marking the beginning of the formal approval process.
The reclassification will follow a structured approval pathway:
- Board of Directors approval
- Stock exchange no-objection/approval
- Shareholders' approval in compliance with Regulation 31A of SEBI LODR Regulations
Promoter Structure Impact
While Mr. Sachdev and his family seek reclassification to public category, the company's promoter structure will remain intact through other entities. The continuing promoter entities will maintain majority shareholding in Fusion Finance Limited.
| Entity Category | Status |
|---|---|
| Honey Rose Investments Ltd | Continuing as promoter |
| Creation Investments Fusion LLC | Continuing as promoter |
| Creation Investments Fusion II LLC | Continuing as promoter |
| Mr. Devesh Sachdev & Family | Proposed reclassification to public |
Corporate Governance Framework
The proposed reclassification represents the culmination of governance reforms initiated in 2025. In January 2026, shareholders approved amendments to the Articles of Association, removing special rights previously available to Mr. Sachdev. This governance realignment supports the company's transition to a professionally managed structure.
Fusion Finance Limited emphasized its commitment to maintaining high standards of corporate governance, regulatory compliance, and transparent stakeholder communication throughout this transition process. The company has assured stakeholders of continued updates as the reclassification process advances through the required regulatory and approval stages.
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