Popular Vehicles and Services Ltd

Main Body

Popular Vehicles and Services Limited has received communication dated October 05, 2026 from its promoters regarding the execution of a Memorandum Recording Family Arrangement (Family Settlement Agreement) dated October 01, 2026. The company is not a party to this inter-se agreement among promoter family members.

Key Terms of the Agreement:

  • Parties Involved: Mr. John K. Paul (Promoter and Whole Time Director, 20.39% holding), Mr. Francis K. Paul (Promoter, 20.39% holding), Mr. Naveen Philip (Promoter and Managing Director, 20.41% holding), Mrs. Susan Francis (spouse of Francis K. Paul), and Mrs. Shalet John (spouse of John K. Paul)
  • Date of Execution: October 01, 2026
  • Shareholding Realignment: Outgoing promoter Mr. John K. Paul will transfer his entire 20.39% shareholding in PVSL to both continuing promoters (Mr. Francis K. Paul and Mr. Naveen Philip) in multiple tranches, with completion scheduled on or before December 31, 2029
  • Management Control: Continuing promoters (Francis K. Paul and Naveen Philip) will gain ownership and control of PVSL and all its subsidiaries except LLPs and trusts
  • Board Representation: John K. Paul will resign from his directorships in PVSL, its subsidiaries, and other companies taken over by the continuing promoters
  • Asset Division: John K. Paul will retain specific partnerships, educational trusts, and companies forming part of the family business
  • Brand Usage: The trade names "Kuttukaran" and "Popular" shall continue to be used by all family members, though the current logo of the listed entity cannot be transferred even if the business is sold
  • Non-Compete: John K. Paul is restricted from entering competing businesses of the same franchise operated by existing entities in the same locations
  • Voting Arrangement: The outgoing promoter shall cast his vote in favor of family decisions

Strategic Rationale: The settlement was undertaken due to distinct visions and strategic aspirations among family members for growth and governance of family businesses and properties. The arrangement aims to preserve family unity, mutual respect, and long-term goodwill while allowing each member freedom to pursue their goals.

Regulatory Status: The company confirms this inter-se family arrangement does not attract related party transaction provisions under Section 188 of Companies Act, 2013 as the company is not incurring any cost. PVSL and subsidiaries will continue availing training services from Kuttukaran Polytechnic College and Kuttukaran Institute for Human Resource Development under existing agreements.

Management Impact: Control of the listed entity will continue with promoters Francis K. Paul and Naveen Philip as the continuing family representatives.

Other Key Announcements

No additional material announcements were disclosed in this filing.