Maha Rashtra Apex Corporation Limited (MAHAPEXLTD)

Maha Rashtra Apex Corporation Limited conducted its 82nd Annual General Meeting on August 24, 2026, via video conferencing. Key resolutions considered included the adoption of FY26 standalone and consolidated financial statements and the appointments of Mr. Cyrus D Khambata as Managing Director and Mr. Jamsheed Minoo Panday as Whole Time Director. The company also voted on redesignating Mr. K.B. Shetty as an Independent Director for a 5-year term. In addition, the Managing Director briefed shareholders on new business activities planned to enhance revenue.

• 82nd AGM held on August 24, 2026, from 11:00 AM to 11:30 AM IST
• Special resolutions tabled for the appointments of Mr. Cyrus D Khambata as Managing Director and Mr. Jamsheed Minoo Panday as Whole Time Director
• Proposed redesignation of Mr. K.B Shetty as an Independent Director for a term of 5 years
• Remote e-voting took place from August 20, 2026 (09:00 AM) to August 23, 2026 (05:00 PM)

Maha Rashtra Apex Corporation Limited has released its first Monitoring Agency Report for the ₹14.09 crore raised via a Rights Issue in April 2026. As of June 30, 2026, the company has utilized ₹0.40 crore primarily for issue expenses, with the remaining ₹13.57 crore parked in Fixed Deposits. The core objectives include settling ₹12.25 crore in dues under a court-approved Scheme of Compromise and repaying ₹1.16 crore in advances. The Monitoring Agency, Brickwork Ratings, reported no deviations from the objects stated in the offer document.

• Raised ₹14.09 crore through the issuance of 1,40,91,896 equity shares at ₹10 each during April 2026.
• ₹13.57 crore remains unutilized as of June 30, 2026, currently held in Fixed Deposits with interest rates between 6.25% and 7.00%.
• Allocated ₹12.25 crore specifically for depositing balance dues under the legal Scheme of Compromise and Arrangement.
• Planned repayment of ₹1.16 crore towards other current financial liabilities to reduce advances.
• Utilization for all major objects is scheduled to be completed by the end of Financial Year 2026-27.

Maha Rashtra Apex Corporation reported a consolidated Net Profit of ₹3.48 Cr for the quarter ended June 30, 2026, a sharp decline from ₹23.86 Cr in the year-ago period. Revenue from operations remains negligible at just ₹5.95 lakhs, as the company continues to function primarily as a recovery vehicle under a court-approved Scheme of Arrangement. The bottom line was supported by 'Other Income' and share of profits from associates, including proceeds from a 7.66% share buyback by Manipal Home Finance Limited. With a TTM revenue of only ₹2 Cr against a market cap of ₹158 Cr, the company's valuation remains detached from its operational core.

• Consolidated Net Profit for Q1 FY27 stood at ₹3.48 Cr compared to ₹23.86 Cr in Q1 FY26.
• Revenue from operations was minimal at ₹5.95 lakhs for the quarter.
• Consolidated EPS decreased significantly to ₹1.23 from ₹16.93 in the corresponding previous quarter.
• Other income includes proceeds from the buyback of 7.66% shares held in associate company Manipal Home Finance Limited.
• Total consolidated expenses for the quarter were contained at ₹52.93 lakhs.

Maha Rashtra Apex Corporation Limited held a board meeting on July 24, 2026, to approve routine administrative matters. The company scheduled its 82nd Annual General Meeting (AGM) for August 24, 2026, and re-appointed Ms. Nita J. Desai as the Internal Auditor for FY 2026-27. Given the company's small scale (TTM revenue of Rs 2 Cr) and its focus on asset recovery under a court-approved scheme, these filings are standard compliance procedures.

• 82nd Annual General Meeting (AGM) scheduled for August 24, 2026, at 11:00 A.M.
• Re-appointment of Ms. Nita J. Desai as Internal Auditor for the financial year 2026-27
• Internal Auditor possesses more than 24 years of experience as a Chartered Accountant
• Board meeting concluded within 30 minutes, starting at 12:00 noon and ending at 12:30 p.m.

Maha Rashtra Apex Corporation Limited has issued a corrigendum to its previous filing regarding the board meeting held on June 8, 2026. The company corrected a typographical error where the meeting date was incorrectly stated as August 8, 2026. During the 30-minute meeting, the board approved the reclassification of Mr. T. Satish U. Pai from the 'Promoter' category to the 'Public' category. This change in shareholding status is currently pending approval from the stock exchanges.

• Corrected the board meeting date from August 8, 2026, to June 8, 2026
• The board meeting commenced at 10:00 AM and concluded at 10:30 AM
• Approved the reclassification of Mr. T. Satish U. Pai from Promoter to Public category
• Promoter holding was recently reported at 71.57% as of May 2026

Maha Rashtra Apex Corporation Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The document, issued by Purva Sharegistry (India) Pvt. Ltd., confirms that share certificates received for dematerialization were processed and cancelled according to regulatory timelines. The filing includes a detailed list of shareholders whose physical certificates were converted to electronic form, such as 200 shares for shareholder Raghuram K. This is a standard administrative procedure and does not affect the company's financial position or its ongoing asset recovery operations.

• Compliance certificate issued for the quarter ended June 30, 2026
• Registrar and Share Transfer Agent (RTA) confirmed processing of dematerialization requests within prescribed timelines
• Detailed list provided for multiple shareholders, including 200 shares dematerialized for Folio R00501 on April 24, 2026
• Confirmation that security certificates were mutilated and cancelled after due verification

Maha Rashtra Apex Corporation Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the company's announcement of un-audited financial results for the quarter ending June 30, 2026. The trading restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges.

• Trading window closure begins on July 1, 2026, for the Q1 FY27 reporting period.
• The closure follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
• Window to reopen 48 hours after the declaration of un-audited financial results for the quarter ending June 30, 2026.
• The specific date for the Board Meeting to approve results will be announced separately.

Maha Rashtra Apex Corporation Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group, including General Investment & Commercial Corporation Ltd and 12 other entities/individuals, confirmed that no encumbrances or pledges were made on their shareholding during the year. This filing is a standard annual compliance requirement to ensure transparency regarding promoter shareholding status. The declaration confirms that the promoter's stake remains unencumbered, which is generally a sign of financial stability within the promoter group.

• Promoters and Promoter Group declared zero encumbrance on their shares for the financial year ended March 31, 2026.
• The disclosure includes a list of 13 promoter group members, including Tonse Sudhakar Pai and Manipal Holdings Private Limited.
• The filing was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• General Investment & Commercial Corporation Ltd acted as the lead entity for the promoter group declaration.

Maha Rashtra Apex Corporation Limited has formally applied to BSE and NSE on June 11, 2026, for the reclassification of Mr. T Satish U Pai from the 'Promoter' category to the 'Public' category. This application follows the Board of Directors' approval granted on June 08, 2026. The promoter seeking reclassification holds a negligible 120 shares, which constitutes 0% of the company's total shareholding. This is a procedural filing under Regulation 31A of SEBI LODR Regulations to align the promoter group status with actual control and shareholding.

• Application submitted to BSE and NSE on June 11, 2026, for promoter reclassification.
• Mr. T Satish U Pai seeks reclassification from 'Promoter' to 'Public' category.
• The individual holds only 120 shares, representing 0% of the total equity.
• The Board of Directors had previously approved this reclassification on June 08, 2026.
• The process is being conducted pursuant to Regulation 31A of SEBI LODR Regulations.

The Board of Directors of Maha Rashtra Apex Corporation Limited has approved the reclassification of Mr. T Satish U Pai from the 'Promoter' category to the 'Public' category. Mr. Pai holds a negligible stake of only 120 equity shares, representing approximately 0% of the total voting rights. As his holding is below the 1% threshold, shareholder approval is not required under SEBI (LODR) Regulations. The reclassification is now subject to final approval from the BSE and NSE.

• Board approved the reclassification of Mr. T Satish U Pai from 'Promoter' to 'Public' category on June 8, 2026.
• The outgoing promoter holds only 120 equity shares, which constitutes 0% of the company's total voting rights.
• Shareholder approval is waived as the outgoing promoter holds less than 1% of total voting rights per SEBI Regulation 31A.
• The outgoing promoter confirmed he has no involvement in management, no special rights, and is not a willful defaulter.
• Final reclassification is pending approval from the National Stock Exchange (NSE) and BSE Limited.

The Board of Directors of Maha Rashtra Apex Corporation Limited met on June 8, 2026, to consider changes in the promoter group. The board has approved the request of Mr. T Satish U Pai to be reclassified from the 'Promoter' category to the 'Public' category. This administrative change is now subject to the final approval of the BSE and National Stock Exchange of India. The meeting was conducted efficiently, commencing at 10:00 AM and concluding by 10:30 AM.

• Board approved the reclassification of Mr. T Satish U Pai from Promoter to Public category.
• The meeting was held on June 8, 2026, lasting for a duration of 30 minutes.
• The reclassification process is subject to further approval from stock exchanges (BSE and NSE).
• Action taken in compliance with SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Maha Rashtra Apex Corporation Limited has announced a comprehensive restructuring of its leadership team effective May 26, 2026. Mr. Cyrus Khambata, a veteran with 45 years of experience in capital markets, has been appointed as the new Managing Director for a five-year term, replacing Mr. Aspi Nariman Katagara. Simultaneously, Mr. Jamsheed Minoo Panday has transitioned from Company Secretary to Executive Director, and Mr. Arvind Ganesh Mallya has been appointed as the new Compliance Officer. The board also saw the resignation of two Independent Directors and the redesignation of Mr. Kudi Bhoja Shetty to an Independent Director role.

• Appointment of Mr. Cyrus Khambata as Managing Director for a 5-year term starting May 26, 2026.
• Resignation of Mr. Aspi Nariman Katagara (MD) and two Independent Directors citing health and personal reasons.
• Mr. Jamsheed Minoo Panday appointed as Executive Director; he brings 35 years of experience and 20 years with the Manipal Group.
• Mr. Arvind Ganesh Mallya, with 9 years of experience in corporate governance, appointed as the new Company Secretary.
• Mr. Kudi Bhoja Shetty redesignated as an Independent Director for a 5-year term subject to shareholder approval.