Key Quantitative Figures

  • Amrita Sharma: Holds 1,000 shares (0.00% of total)
  • Manik Chand Pugalia: Holds 35,25,000 shares (0.44% of total) - deceased
  • Subhash Chandra Dadhich: Holds 1,000 shares (0.00% of total)
  • Faber Trexim Private Limited: Holds 0 shares (0% of total)
  • Meghshree Credit Private Limited: Holds 0 shares (0% of total)

Dates of Action

  • Manik Chand Pugalia death date: 04th December, 2024
  • Death registration date: 05th December, 2024
  • Previous intimation of death to exchange: 10th April, 2025
  • Current request letters dated: 08th June, 2026
  • Digital signature date: 08th June, 2026 at 17:08:20 +05'30'

Parties Involved

Requesting Entities:

  • Amrita Sharma (Promoter)
  • Manik Chand Pugalia (Promoter - deceased)
  • Subhash Chandra Dadhich (Promoter)
  • Faber Trexim Private Limited (Member of Promoter Group)
  • Meghshree Credit Private Limited (Member of Promoter Group)

Company Officials:

  • Bhavya Dhiman, Managing Director & CEO (DIN: 09542964)

Entity Representatives:

  • Subrata Benarjee, Director of Faber Trexim Private Limited
  • Ajay Anand Pugalia, Director of Meghshree Credit Private Limited

Rationale for Re-classification

All requesting entities provided identical rationale:

  • Not directly or indirectly associated with the business of the Company
  • Do not have any influence over business and policy decisions
  • Not involved in day-to-day activities of the Company
  • Not exercising control over affairs of the Company
  • No special rights through formal or informal arrangements including shareholder agreements

Individual promoters (Subhash Chandra Dadhich and Amrita Sharma) additionally stated personal reasons: desire to dedicate remaining life to other callings, interests, passions, and spend more time with family.

Compliance with Regulation 31A(3)(b) Conditions

All entities confirmed compliance with the following conditions:

  • Do not hold more than ten percent of total voting rights in the company
  • Do not exercise control over affairs of the company, directly or indirectly
  • Do not have any special rights through formal or informal arrangements including shareholder agreements
  • Have no representation on board of directors (including no nominee director)
  • Do not act as key managerial person of the Company
  • Have not been declared as wilful defaulter as per RBI guidelines
  • Have not been declared as fugitive economic offender

Undertakings and Future Compliance

All entities undertook to:

  • Continue to comply with conditions mentioned at sub-clauses (i), (ii) and (iii) of clause (b) of Regulation 31A(3) at all times from date of re-classification
  • Comply with conditions mentioned in subclauses (iv) and (v) of clause (b) of Regulation 31A(3) for period of not less than three years from date of re-classification
  • Be reclassified back to promoter group if conditions are not met

Special Circumstance - Death of Promoter

The disclosure specifically notes that Mr. Manik Chand Pugalia, Promoter of the Company, expired on 04th December, 2024. The Company had already intimated this demise to the Exchange vide letter dated 10.04.2025. The company states that as the individual no longer exists, he cannot continue to be classified under Promoter/Promoter Group category.

Approval Status

Subject to approval of the Board of Directors and compliance with applicable regulatory requirements.