Unattested Agreement of Pledge of Shares executed under the Master Restructuring Agreement

Unattested Agreement of Pledge of Shares executed on 9th October, 2026.

Sat 10 Oct 2026

Instrument Executed

Unattested Agreement of Pledge of Shares executed on 9th October, 2026

Parties to Pledge

Mr. Aditya Khaitan (MD & Promoter), Mrs. Kavita Khaitan (Promoter Group) and NARCL

Pledge Creation Mode

pledge to be created through the depository system

What the company informed the exchanges

McLeod Russel India Limited has told BSE and NSE that an Unattested Agreement of Pledge of Shares was executed on 9th October, 2026. The company describes this as a continuation of its letter dated 29th September, 2026 relating to the execution and signing of a Master Restructuring Agreement (MRA).

Who the parties are

• McLeod Russel India Limited, the Company
• Mr. Aditya Khaitan, Managing Director and Promoter of the Company
• Mrs. Kavita Khaitan, Member of the Promoter Group of the Company
• National Asset Reconstruction Company Limited

What the update says

• The agreement of pledge has been executed in terms of the Master Restructuring Agreement.
• The pledge will be created through the depository system.
• The necessary disclosures will be made in accordance with applicable laws.
• The disclosure is also hosted on the company's website.

What a pledge of shares means

When shares are pledged, they are placed as security for an obligation. The owner continues to hold the shares, but they carry an encumbrance until the pledge is released. Here the agreement is between the Company, the two promoter-side individuals and an asset reconstruction company, and the pledge is to be created in the depository system.

How this may be perceived

On one reading, this shows a step under an already-announced restructuring arrangement moving forward, which can be seen as a sign of progress on that process. On another reading, an encumbrance on promoter shareholding is something investors generally keep track of, since a pledge can be invoked if the underlying arrangement is not honoured. The update itself does not go beyond recording the execution of the agreement and the intended creation of the pledge through the depository system.

What is stated next

The company says the pledge will be created through the depository system and that the necessary disclosures will be made in accordance with applicable laws, so the creation of the pledge in the depository records is the next step indicated in the update.

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