HEM Holdings Board Approves Promoter Group Reclassification Request

HEM Holdings and Trading Limited has received formal board approval for the reclassification request from M/s. Sim Prabha Estates & Trading Co.(P) Ltd seeking reclassification from the promoter/promoter group category to the public category under Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcome

The Board of Directors of HEM Holdings convened on April 29, 2026, via video conferencing from 11:00 A.M. to 11:30 A.M. to deliberate on the reclassification request. The board formally approved the application submitted by Sim Prabha Estates & Trading Co.(P) Ltd (CIN: U70101MH1984PTC034405) for reclassification from promoter group to public category, subject to approval from regulatory authorities including the stock exchange.

Meeting Details: Information Date: April 29, 2026 Duration: 11:00 A.M. to 11:30 A.M. Mode: Video Conferencing Decision: Approved subject to regulatory approval Regulation: SEBI Regulation 31A Request Date: April 24, 2026

Current Shareholding Status

The reclassification request comes at a time when Sim Prabha Estates & Trading Co.(P) Ltd holds no shares in HEM Holdings. The current promoter shareholding structure shows zero holdings across all promoter entities.

Promoter Entity: Current Shareholding Sangeeta Ketan Shah: 0 shares (0%) Ketan Moolchand Shah: 0 shares (0%) Prabha Plantations (P) Ltd: 0 shares (0%) Sim Prabha Estates & Trading Co.(P) Ltd: 0 shares (0%) Total Promoter Holding: 0 shares (0%)

Board Resolution and Compliance Conditions

The board resolution confirms that Sim Prabha Estates & Trading Co.(P) Ltd meets all conditions under Regulation 31A(3)(b) of SEBI LODR Regulations. The entity has provided comprehensive undertakings ensuring regulatory compliance.

Key Compliance Confirmations

The board verified the following conditions for the reclassification:

Does not hold more than 10% of total voting rights in the company

Does not exercise control over company affairs directly or indirectly

Has no special rights through formal or informal arrangements

Not represented on the Board of Directors

Not acting as Key Managerial Personnel

Not classified as wilful defaulter per RBI guidelines

Not designated as fugitive economic offender

Three-Year Commitment Period

As part of the reclassification conditions, Sim Prabha Estates & Trading Co.(P) Ltd has committed that neither it nor related persons will be represented on HEM Holdings' Board of Directors or act as Key Managerial Personnel for three years from the date of shareholder approval.

Regulatory Process and Next Steps

Following the board approval, HEM Holdings will submit the reclassification application to BSE Limited within the stipulated timeline as per Regulation 31A(5) of the Listing Regulations. Company Secretary cum Compliance Officer Taruna Gupta has formally communicated the board's decision to the stock exchange, including certified true copies of the board meeting minutes as required under Regulation 31A(8).

Pushpsons Industries Limited has resubmitted its audited financial results for the quarter ended March 31, 2019, to BSE Limited following directions from the exchange. The resubmission was necessitated after certain attachments, including the Un-Qualified Declaration (Form-A) and Independent Auditor's Report, were unintentionally omitted during the initial submission on May 30, 2019. The company confirmed that the financial figures remain unchanged between the earlier and resubmitted versions.

The standalone financial results for Q4FY19 reveal a mixed performance. Revenue from operations declined to ₹32.16 lakh from ₹41.12 lakh in the corresponding quarter of the previous year. Total income stood at ₹33.49 lakh for the quarter. The company reported a net loss of ₹2.12 lakh for Q4FY19, which represents an improvement compared to the net loss of ₹7.52 lakh recorded in Q4FY18. Basic and diluted earnings per share for the quarter were reported at -₹0.03.

For the full financial year ended March 31, 2019, Pushpsons Industries demonstrated a turnaround with a net profit of ₹17.69 lakh against a net loss of ₹0.25 lakh in the previous fiscal year. Total income for FY19 increased to ₹261.25 lakh from ₹243.14 lakh in FY18. The company's paid-up equity share capital remained constant at ₹527.05 lakh with a face value of ₹10 per share throughout both periods.

Financial Performance Summary

Particulars Q4FY19 (₹ in Lakhs) Q4FY18 (₹ in Lakhs) FY19 (₹ in Lakhs) FY18 (₹ in Lakhs) Revenue from operations 32.16 41.12 256.22 236.98 Total Income 33.49 42.37 261.25 243.14 Total Expenses 35.61 49.89 243.56 243.39 Net Profit/Loss -2.12 -7.52 17.69 -0.25 Basic EPS -0.03 -0.14 0.38 0.01

The balance sheet as of March 31, 2019, shows total assets at ₹382.79 lakh, a decrease from ₹445.30 lakh in the previous year. Property, plant and equipment stood at ₹218.87 lakh, while total equity attributable to owners of the parent increased to ₹365.98 lakh from ₹348.49 lakh. The company maintained a debt-equity ratio of 0.00 for both the quarter and year ended March 31, 2019, indicating no outstanding borrowings during the period.

Key Balance Sheet Items

Particulars 31.03.2019 (₹ in Lakhs) 31.03.2018 (₹ in Lakhs) Total Assets 382.79 445.30 Property, Plant & Equipment 218.87 226.40 Total Equity 365.98 348.49 Total Liabilities 16.81 96.81 Current Borrowings 0.00 80.00

The Independent Auditor's Report issued by Ritu Gupta & Co., Chartered Accountants, provided an unqualified opinion on the standalone financial statements. The auditors confirmed that the financial statements give a true and fair view of the company's state of affairs as at March 31, 2019, and its profit, changes in equity and cash flows for the year ended on that date. The audit was conducted in accordance with the Standards on Auditing specified under the Companies Act, 2013.

The company, which is engaged in the export of carpets and made-ups as its sole business segment, disclosed that there were no investor complaints outstanding at the beginning or received during the quarter ended March 31, 2019. The financial results have been filed with the stock exchange under Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and are available on the BSE website and the company's official website.

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