We hereby intimate the appointment of Mrs. Rakhi Sharma as Non-Executive and Independent Director of the Company with effect from 26th March 2026.
Awaiting price reaction for this filing.
Pasupati Fincap's board, at its March 26, 2026 meeting, approved a scheme to cancel 44,65,000 equity shares out of 47,00,000 (a 95% reduction in paid-up capital) on a pro-rata basis to set off accumulated losses of about ₹5.35 crore, reducing paid-up capital from ₹4.70 crore to ₹23.50 lakh. The board also approved changing the company name to 'Harmanshi Appliances Co. Limited', suggesting a business pivot from fincap to appliances. Mrs. Rakhi Sharma (DIN: 00333120) was appointed as an Additional Non-Executive Independent Director for a five-year term. An EGM is scheduled for April 24, 2026 to seek shareholder approval. Notably, a similar capital reduction proposal was rejected by shareholders at a March 12, 2026 EGM, and the board is putting it up for reconsideration.
This is a high-impact event for shareholders: a 95% cancellation of equity shares on a pro-rata basis will drastically reduce share count, though percentage ownership stays the same. The name change signals a likely business model shift away from financial services. Shareholders should carefully review the capital reduction proposal and the new business direction before the April 24, 2026 EGM.