Starlight Trust Completes 72.42% Acquisition in Hardcastle and Waud Manufacturing Company Limited

Hardcastle & Waud Mfg has witnessed a significant corporate restructuring with Starlight Trust completing a substantial acquisition of equity shares under regulatory exemption. The transaction, executed on March 16, 2026, represents a strategic internal reorganization within the promoter family structure.

Acquisition Structure and Details

The acquisition involved both direct and indirect transfers totaling 72.42% of the company's equity capital. Starlight Trust acquired 160,557 equity shares directly from Achal Jatia, representing 23.63% of the total paid-up share capital. Additionally, the trust gained indirect control over 48.79% through its acquisition of shares in Jeevdani Business Ventures Limited.

Acquisition Component: Details Direct Acquisition: 160,557 shares (23.63%) Indirect Acquisition: 48.79% through JBVL Total Acquisition: 72.42% Transaction Date: March 16, 2026 Transfer Mode: Inter-se transfer (gift)

Shareholding Pattern Changes

The transaction resulted in significant changes to individual shareholdings while maintaining overall promoter group control. Before the acquisition, Achal Jatia held 160,567 shares (23.63%), which was reduced to just 10 shares (0.00%) post-transaction. Starlight Trust's holding increased from zero to 160,557 shares (23.63%).

Shareholder: Before Acquisition After Acquisition Change Achal Jatia: 160,567 (23.63%) 10 (0.00%) -160,557 Starlight Trust: 0 (0.00%) 160,557 (23.63%) +160,557 Other Promoter Group: 339,617 (49.98%) 339,617 (49.98%) No change Total Promoter Group: 500,184 (73.61%) 500,184 (73.61%) No change

Regulatory Compliance and Exemptions

The acquisition was conducted under SEBI exemption orders dated February 26, 2026 (WTM/KCV/CFD/23/2025-26) and a corrigendum dated March 9, 2026 (WTM/KCV/CFD/23A/2025-26). The exemption was granted from the requirements of substantial acquisition regulations, considering the transaction as an internal family reorganization for succession planning purposes.

Trust Structure and Governance

Starlight Trust operates as a private, discretionary, and irrevocable trust established under the Indian Trusts Act, 1882. The trust structure includes Ushadevi Jatia as settlor, with Achal Jatia, Banwari Lal Jatia, and Hemann Jatia serving as trustees. The beneficiaries are Achal Jatia and Hemann Jatia, ensuring the transaction remains within the promoter family framework.

Company Capital Structure

Hardcastle and Waud Manufacturing Company Limited maintains its equity share capital of ₹67,94,740 divided into 6,79,474 equity shares of ₹10 each. The company's shares are listed on BSE Limited, and the transaction does not alter the total share capital or affect minimum public shareholding requirements.

Impact Assessment

The acquisition represents a strategic succession planning initiative without affecting public shareholders' interests. The overall promoter and promoter group shareholding remains unchanged at 73.61%, while public shareholding continues at 26.39%. The transaction ensures continuity in management and control while facilitating smooth family succession planning within the existing corporate structure.

Hardcastle & Waud Mfg , a long-standing player in the Indian manufacturing sector, has announced significant leadership changes and conducted its 79th Annual General Meeting (AGM), marking important milestones for the company's governance and future direction.

Leadership Appointments

The company's shareholders have approved several key appointments during the AGM:

Managing Director Re-appointment: Mr. Banwari Lal Jatia has been re-appointed as the Managing Director for a term of three years, effective from April 1, 2026.

New Independent Director: Mr. Manekchand Panda joins the board as an Independent Director for a five-year term, starting from August 12, 2025.

Secretarial Auditor Appointment: SKJP & Associates, a firm of Practicing Company Secretaries, has been appointed as the Secretarial Auditor for a period of five years, covering financial years 2025-2026 through 2029-2030.

AGM Proceedings and Resolutions

The 79th AGM of Hardcastle & Waud Mfg was held at the Club House, Metro Residency Gate, Netivali, Kalyan (E). Key highlights of the meeting include:

Financial Statements Adoption: Shareholders approved the audited Financial Statements for the year ended March 31, 2025, along with the Directors' and Auditors' reports.

Director Re-appointment: Mr. Piyushkumar Mehta, who retired by rotation, was re-appointed as a Director.

Material Related Party Transactions: Approval was granted for material related party transactions for the financial years 2025-2026 and 2026-2027.

Voting Results

The company reported strong shareholder support for all resolutions:

All ordinary resolutions were passed with 100% votes in favor.

Special resolutions, including the re-appointment of Mr. Banwari Lal Jatia as Managing Director, received unanimous approval from the voting shareholders.

Corporate Governance

The AGM proceedings highlighted the company's commitment to transparency and good corporate governance:

The meeting was conducted in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Remote e-voting facilities were provided to shareholders, ensuring wider participation in the decision-making process.

The voting rights of 9,624 unclaimed equity shares held in a demat suspense account were frozen, adhering to regulatory requirements.

Looking Ahead

With these appointments and resolutions in place, Hardcastle & Waud Mfg appears poised for its next phase of growth and development. The re-appointment of Mr. Jatia as Managing Director and the addition of Mr. Panda as an Independent Director signal continuity in leadership while also bringing in new perspectives to guide the company's future strategies.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.