Board approves wholly-owned housing finance subsidiary and two promoter-to-public reclassification requests
Board considered and approved incorporation of a 100% wholly-owned subsidiary, proposed to be named “Wagad Housing Finance Private Limited”, with an authorised share capital of ₹10,00,000/- (Rupees Ten Lakh Only).
By ScoutQuest · · 3 min read
- Authorised share capital of proposed WOS
- ₹10,00,000/- (Rupees Ten Lakh Only)
- Promoter-to-public reclassification request (shares/%)
- Mr. Rajiv S. Kothari (30,000 shares, approx. 0.03%)
- Promoter-to-public reclassification request (shares/%)
- Mrs. Malti S. Kothari (15,000 shares, approx. 0.015%)
Two matters were considered and approved by the Board at its meeting on Tuesday, October 13, 2026, which commenced at 4.00 P.M. and concluded at 5.00 P.M.
New wholly-owned subsidiary
The Board considered and approved the incorporation of a 100% wholly-owned subsidiary of the company, proposed to be named “Wagad Housing Finance Private Limited”, with an authorised share capital of ₹10,00,000/- (Rupees Ten Lakh Only).
- This is subject to the availability and approval of the proposed name.
- It is also subject to completion of applicable statutory and regulatory formalities.
- A wholly-owned subsidiary means the company will own the entire entity.
- Authorised share capital is the ceiling up to which the subsidiary can issue shares; it is not an amount being invested or spent.
Reclassification from Promoter to Public category
- The company received separate request letters dated October 13, 2026 from Mr. Rajiv S. Kothari and Mrs. Malti S. Kothari, seeking reclassification of their status from the Promoter category to the Public category.
- Mr. Rajiv S. Kothari holds 30,000 equity shares, representing approximately 0.03% of the company’s shareholding.
- Mrs. Malti S. Kothari holds 15,000 equity shares, representing approximately 0.015% of the company’s shareholding.
- The Board considered the requests and the undertakings furnished by the applicants and approved the reclassification requests, subject to fulfilment of the prescribed conditions and receipt of the necessary approvals from the Stock Exchanges and any other applicable statutory or regulatory authorities.
- The company will make the requisite applications, disclosures and updates with the Stock Exchanges.
What the applicants state in their letters
- They say they have been classified under the “Promoter” category without their knowledge and consent, and that this classification is erroneous.
- They state they have never been connected with or involved in the business, activities, management or affairs of the company, and have had no direct or indirect control over its affairs or decision making.
- They state they have suffered losses on account of their demat accounts being frozen from time to time due to alleged defaults by the Company.
- They state they are not wilful defaulters as per Reserve Bank of India guidelines and are not fugitive economic offenders, and that there is no pending regulatory action against them.
- They undertake that they, along with persons related to them, do not hold more than 10% of the paid-up capital of the company, do not exercise control over its affairs, do not have any special rights through formal or informal arrangements or shareholder agreements, are not represented on the board of directors (including as a nominee director) and do not act as a key managerial person.
- They undertake to comply with the prescribed conditions for a period of not less than three years from the date of reclassification, failing which they would be reclassified as promoter or as a person belonging to the promoter group.
Status of the decisions
- Both matters have been approved by the Board, with the subsidiary incorporation subject to name approval and statutory and regulatory formalities, and the reclassification subject to the prescribed conditions and receipt of approvals from the Stock Exchanges and other authorities.
- The reclassification requests relate to holdings of 30,000 and 15,000 equity shares, and the letters set out the applicants’ own account of the classification and its consequences.
Also from Minolta Finance
Board meeting on 13 Oct 2026 to consider housing finance subsidiary and promoter reclassification
8 Oct 2026
More numbers
- Authorised share capital of proposed wholly-owned subsidiary₹10,00,000/-
- Equity shares held by Mr. Rajiv S. Kothari30,000
- Mr. Rajiv S. Kothari shareholding0.03%
- Equity shares held by Mrs. Malti S. Kothari15,000
- Mrs. Malti S. Kothari shareholding0.015%
- Maximum paid-up capital holding undertaken by applicants10%
- Post-reclassification compliance period undertakenthree years
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