SRA nominee withdraws willingness to hold 7,35,00,000 shares allotted under approved Resolution Plan

Roger Bravo, nominee of the Successful Resolution Applicant, has withdrawn its willingness to hold 7,35,00,000 shares (about 81.55% of paid-up equity capital) allotted under the approved Resolution Plan.

Tue 6 Oct 2026

Shares involved

7,35,00,000 equity shares

% of paid-up equity capital

about 81.55%

Listing status

Listing is pending; shares not yet in the allottee's demat account

SRA's nominee steps back from the allotted shares

What the company told the exchanges

• ARSS Infrastructure Projects Ltd informed BSE (Scrip Code 533163) and NSE (Symbol ARSSINFRA) that on 06-10-2026 it received a letter dated 06-10-2026 from Roger Bravo Secured Development Fund, managed by Roger Bravo Alternative Investment Fund.
• Roger Bravo holds the equity shares allotted under the approved Resolution Plan as nominee of Ocean Capital Market Limited, the Successful Resolution Applicant (SRA).
• In the letter, Roger Bravo says it does not wish to continue as nominee of the SRA in respect of those shares, and gives its no-objection to the substitution of the SRA, or another person nominated by the SRA, as holder of the shares in place.
• Roger Bravo also states it will not claim any beneficial, economic or other proprietary interest in the shares and will not exercise any voting or other shareholder rights in respect of them till the transfer.

The numbers involved

• Shares involved: 7,35,00,000 equity shares
• That is about 81.55% of the paid-up equity share capital
• The company states the substitution will not change the total share capital of the Company

Where the shares stand now

• The application for listing of the Plan Shares is pending with the Exchange.
• The shares have not yet been credited to the allottee's demat account.
• Roger Bravo has said it will not obstruct or delay listing, admission, credit, dematerialisation, transfer or other lawful treatment of the shares.
• The company, in consultation with the SRA, will take suitable steps to give effect to the substitution in accordance with the Resolution Plan and applicable law, and will keep the Exchange informed of further developments.

What Roger Bravo's letter also covers

• No objection to the allotment made in its name being cancelled, reversed, rectified or re-allotted to another nominee designated by the SRA.
• No claim, demand or cause of action against the Company, the SRA, the Registrar of Companies-cum-Official Liquidator, Odisha, or their officers and advisors in connection with the nomination, allotment or substitution.
• A copy of the letter received from Roger Bravo is enclosed with the disclosure.

What this means at a glance

• The change described is in who holds the shares as nominee under the approved Resolution Plan, not in the number of shares or the share capital of the Company.
• The substitution is yet to be given effect; the company has said it will inform the exchanges of further developments.

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