Majestic Auto

Majestic Auto Ltd. commenced implementation of the ₹105.43 crore resolution plan for Sharan Hospitality Private Ltd. after the Supreme Court’s July 17 order, infusing ₹40 crore in the first phase for 5 lakh equity shares and 35 crore non-convertible debentures. Sharan Hospitality consequently became Majestic Auto’s wholly owned subsidiary, subject to depository formalities, while the remaining securities and a ₹29.28 crore inter-corporate deposit are to be completed in subsequent phases. The securities are to be transferred to NovumLake Property Fund and 360 ONE Real Assets Advantage Fund for total consideration of ₹105.43 crore, with Majestic Auto expecting a pre-tax gain of about ₹29.28 crore.

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Majestic Auto Ltd. announced that the Supreme Court of India has permitted the implementation of its resolution plan for Sharan Hospitality Private Limited, clearing the final condition precedent that had been pending since the consent agreement was signed on July 15. The court, by its order dated July 17 and received by the company on July 23, allowed the application and took on record the Consent and Dispute Settlement Agreement between Majestic Auto and Assets Care & Reconstruction Enterprise Limited. With the order, the company can now proceed with the ₹81.84 crore resolution plan payment and ₹23.59 crore in additional interest, as well as the related securities purchase agreements with NovumLake Property Fund and 360 ONE Real Assets Advantage Fund.

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Majestic Auto Ltd. signed a Consent and Dispute Settlement Agreement with Assets Care & Reconstruction Enterprise Limited on July 15, 2026, settling a long‑pending dispute related to the revival plan of Sharan Hospitality Private Limited. The company had earlier won NCLT approval of the resolution plan, but a Supreme Court appeal by Axis Bank — whose financial assets were later assigned to ARC — had blocked its implementation. The settlement paves the way for Majestic Auto to complete the resolution plan by paying ₹81.84 crores as the plan amount and ₹23.59 crores as additional interest, contingent upon the Supreme Court’s final order. Simultaneously, the company entered into Securities Purchase Agreements with NovumLake Property Fund and 360 ONE Real Assets Advantage Fund to sell the securities it would receive once the plan is executed, with escrow and funding arrangements already in place.

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Majestic Auto Ltd. announced that Chief Financial Officer Ajay Kumar has resigned, citing personal reasons. The board accepted his resignation on June 8, 2026, and he will be relieved from his duties effective the close of business on June 24, 2026. The company provided no further details on the departure beyond the personal reasons mentioned in his resignation letter.

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June 24 (Reuters) - Majestic Auto Ltd MJST.BO:

• MAJESTIC AUTO - AJAY KUMAR RESIGNS AS CFO

Source text: ID:nBSE2Wm0JN

Further company coverage: MJST.BO

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July 10 (Reuters) - Majestic Auto Ltd MJST.BO:

• NCLT ORDER ALLOWS CO TO CONTINUE RESOLUTION PLAN FOR ACQUIRING SHARAN HOSPITALITY

Further company coverage: MJST.BO

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Feb 8 (Reuters) - Majestic Auto Ltd MJST.BO:

• INTERIM DIVIDEND 15 RUPEES PER SHARE

Source text for Eikon: ID:nBSE6YYzRj

Further company coverage: MJST.BO

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