We wish to inform that the M/s. Vyom Hydrocarbon Private Limited and M/s. Quippo Oil and Gas Infrastructure Limited ceassed to be subsidiary and step down subsidiary, respectively of the Company.
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Awaiting price reaction for this filing.
Hazoor Multi Projects Ltd (HMPL) has lost control of Vyom Hydrocarbon Private Limited (VHPL), in which it held 51%, and consequently of Quippo Oil and Gas Infrastructure Ltd, VHPL's wholly-owned subsidiary. The loss of control happened because VHPL had issued Compulsorily Convertible Debentures (CCDs) worth about ₹22.30 crore to Vyom Geophysical Private Limited in July 2025. These CCDs were converted into equity shares of VHPL following an alleged event of default, which diluted HMPL's holding below the majority level. As a result, both VHPL and Quippo will no longer be consolidated in HMPL's accounts. The company is reviewing statutory records and related documents regarding the conversion.
This is negative for shareholders: HMPL has involuntarily lost its hydrocarbon and oil & gas infrastructure subsidiaries without receiving cash proceeds, effectively shrinking its consolidated business. The stock could see pressure due to governance concerns around the CCD conversion and the unexpected loss of a key subsidiary.