RBI Approval Received for Proposed Change in Shareholding, Control and Management
RBI has approved the proposed change in shareholding, control and management, via its letter dated September 24, 2026.
By ScoutQuest · · 1 min read
- RBI Approval Date
- September 24, 2026
- SEBI Approval Date
- June 11, 2026
- Directors Appointed
- Mr. Nishad Jitendra Shah and Mrs. Rajshree Nishad Shah
- Open Offer Announcement Date
- March 10, 2026
- Lead Acquirer
- Mr. Nishad Jitendra Shah
What was shared
The company informed the exchanges that it has received approval from the Reserve Bank of India by letter dated September 24, 2026 in relation to the proposed change in shareholding and management.
Background
- A share purchase agreement was executed between the Proposed Acquirers and the Sellers, including Sagar Mal Nahata, Sharp Investments Ltd, Caravan Vyapaar Pvt. Ltd., Buddleia Traders Pvt. Ltd., Synosy Automotive Pvt. Ltd., Mission Vyapaar Pvt. Ltd. and Fortune Vyapaar Pvt. Ltd., as intimated on March 10, 2026.
- A public announcement dated March 10, 2026 was made for an open offer to public shareholders, issued by Kunvarji Finstock Private Limited on behalf of nine Acquirers led by Mr. Nishad Jitendra Shah, under the SEBI Takeover Regulations.
- SEBI issued its approval cum observation letter on June 11, 2026 for the proposed change in shareholding, control and management.
Board changes approved
RBI has also accorded approval for the appointment of Mr. Nishad Jitendra Shah and Mrs. Rajshree Nishad Shah as Directors of the company, subject to conditions in the RBI letter and applicable statutory and regulatory requirements.
What it means for investors
The approval is a regulatory step in the ongoing takeover process. It is granted subject to the terms and conditions stipulated in the RBI letter and compliance with applicable law. The change in promoters and board composition, once completed, would place control of the company with the Acquirers.
Also from RGF Capital Markets
Board approved internal auditor for FY 2026-27; unaudited H1 net loss at Rs. 36.90 lakh
23 Oct 2026
Board approves unaudited H1 FY27 results, appoints internal auditor; authorised share capital increased
23 Oct 2026
Board meeting on 23 Oct 2026 to consider, approve standalone unaudited results for quarter, half year ended 30 Sep 2026
16 Oct 2026
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.