Master Trust MD, chairman and AGM

Master Trust board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

Managing directorHARJEET SINGH ARORA
Company Secretary and Compliance OfficerVIKAS GUPTA

8 directors4 independent1 executive3 non-executive

HARJEET SINGH ARORA · Managing directorExecutive · joined Dec 1998 · reappointed Sep 2024 · 1 listed board
RAJINDER KUMAR SINGHANIANon-executive · joined Apr 1992 · 2 listed boards
GURMEET SINGH CHAWLANon-executive · joined Nov 1998 · 1 listed board
RAJIV KALRAIndependent · joined Jun 2020 · 66 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
SUDHIR KUMARIndependent · joined Aug 2024 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat
ANIL KUMARIndependent · joined Aug 2024 · 16 months as independent · 2 listed boards · 2 as independent
RAVINDER SINGHANIAIndependent · joined Aug 2023 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat
HARNEESH KAUR ARORANon-executive · joined Nov 1998 · 1 listed board · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

Board
- 3 Sep 20266 of 8 present3 independent · 29 days in between
- 4 Aug 20266 of 8 present3 independent · 83 days in between
- 12 May 20267 of 8 present3 independent
Audit Committee
Chair RAJIV KALRA
SUDHIR KUMAR, RAVINDER SINGHANIA
- 4 Aug 20262 of 3 present2 independent · 83 days in between
- 12 May 20262 of 3 present2 independent
Nomination and remuneration committee
Chair RAJIV KALRA
RAJINDER KUMAR SINGHANIA, ANIL KUMAR
No meeting listed in the filing.
Stakeholders Relationship Committee
Chair RAJINDER KUMAR SINGHANIA
HARNEESH KAUR ARORA, RAJIV KALRA
No meeting listed in the filing.
COMMITTEE OF DIRECTORS (LEGAL & BANKING)
Chair HARJEET SINGH ARORA
RAJINDER KUMAR SINGHANIA, HARNEESH KAUR ARORA
No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

Bhaushan Aggarwal & Co.Peer-review certificate valid to Feb 2029

1 earlier auditor

BHUSHAN AGGARWAL & CO.Named in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Master Trust AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Master Trust share news and announcements

Annual general meeting, 30 Sep 2026

14,640 shareholders on the register on 18 Sep 2026; present: 7 promoters and 27 others; votes counted by POOJA MAHAJAN KOHLI / POOJA M KOHLI & ASSOCIATES.The company's voting result (opens in a new tab)

TO RECEIVE, CONSIDER AND ADOPT THE AUDITED FINANCIAL STATEMENTS (STANDALONE AND CONSOLIDATED) OF THE COMPANY FOR THE FY ENDED 31.03.2026, TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND THE AUDITORS' THEREONMoreLess
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00%
Turnout: all 81.55% · promoters 95.51% · institutions 45.79%
TO APPOINT A DIRECTOR IN PLACE OF MRS. HARNEESH KAUR ARORA (DIN : 00089451), WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HERESELF FOR RE-APPOINTMENT
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 45.59% · promoters 45.51% · institutions 0.00% · other public 45.79%
TO CONSIDER AND APPROVE TO ENTER INTO CONTRACTS AND /OR AGREEMENTS WITH RELATED PARTIES FOR RELATED PARTIES TRANSACTIONS (RPT) FOR THE FY 2026-2027
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 12.85% · promoters 0.00% · institutions 0.00% · other public 45.79%
TO APPOVE MATERIAL RELATED PARTY TRANSACTIONS WITH MASTER CAPITAL SERVICES LIMITED
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 12.85% · promoters 0.00% · institutions 0.00% · other public 45.79%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 30 Sep 2025, 7 resolutions

10,283 shareholders on the register on 19 May 2025; present: 9 promoters and 24 others; votes counted by POOJA MAHAJAN KOHLI / POOJA M KOHLI & ASSOCIATES.The company's voting result (opens in a new tab)

TO RECEIVE, CONSIDER AND ADOPT THE AUDITED FINANCIAL STATEMENTS (STANDALONE AND CONSOLIDATED) OF THE COMPANY FOR THE FINANCIAL YEAR ENDED 31.03.2025, TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND THE AUDITORS' THEREONMoreLess
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.51% · promoters 100.00% · institutions 0.00% · other public 46.38%
TO CONSIDER AND APPROVE THE APPOINTMENT OF M/S. POOJA M KOHLI & ASSOCIATES, COMPANY SECRETARY IN PRACTICE AS SECRETARIAL AUDITOR OF THE COMPANY FOR THE PERIOD OF FIVE TERMS FROM FINANCIAL YEAR 2025-26 TO 2029-30MoreLess
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.51% · promoters 100.00% · institutions 0.00% · other public 46.38%
TO APPOINT A DIRECTOR IN PLACE OF MR. GURMEET SINGH CHAWLA(DIN 00087449), WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HIMSELF FOR RE-APPOINTMENT
Ordinary
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.51% · promoters 100.00% · institutions 0.00% · other public 46.38%
TO CONSIDER AND APPROVE THE FORMULATION, ADOPTION AND IMPLEMENTATION OF MASTER TRUST LIMITED EMPLOYEE STOCK OPTION PLAN 2025 AND GRANT OF EMPLYEE STOCK OPTIONS TO THE ELIGIBLE EMPLOYEES OF THE COMPANY UNDER THIS PLANMoreLess
Special
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.51% · promoters 100.00% · institutions 0.00% · other public 46.38%
TO CONSIDER AND APPROVE THE MASTER TRUST LIMITED EMPLYEE STOCK OPTION PLAN 2025 AND GRANT OF STOCK OPTIONS TO THE ELIGIBLE EMPLYEES OF THE COMPANY'S SUBSIDIARIES UNDER THIS PLAN
Special
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 83.51% · promoters 100.00% · institutions 0.00% · other public 46.38%
TO CONSIDER AND APPROVE TO ENTER INTO CONTRACTS AND/OR AGREEMENTS WITH RELATED PARTIES FOR RELATED PARTIES TRANSACTIONS (RPT) FOR THE FY 2025-2026
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 14.27% · promoters 0.00% · institutions 0.00% · other public 46.38%
TO APPROVE MATERIAL RELATED PARTY TRANSACTIONS WITH MASTER CAPITAL SERVICES LIMITED
OrdinaryPromoters have an interest in it
100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 14.27% · promoters 0.00% · institutions 0.00% · other public 46.38%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Dealings with its subsidiaries, promoters, directors and their firms, reported every half-year.Promoters and their stake

Half-year to Mar 2026: ₹292 Cr102 dealings, 24 loans and advances
Half-year to Sep 2025: ₹59 Cr94 dealings, 9 loans and advances
Half-year to Mar 2025: ₹239 Cr107 dealings
Half-year to Sep 2024: ₹239 Cr106 dealings, 30 loans and advances
Half-year to Mar 2024: ₹116 Cr127 dealings, 28 loans and advances
Half-year to Sep 2023: ₹117 Cr125 dealings, 24 loans and advances

Between	Dealing
MASTER TRUST LIMITED and Master Capital Services LimitedSubsidiary	LoanLoan at 9.00%, 1 Year, unsecured, Business	234.46	70.06	235.62
MASTER TRUST LIMITED and Master Capital Services LimitedSubsidiary	Sale of goods or services	16.01	0.00	0.00
MASTER TRUST LIMITED and Master Capital Services LimitedSubsidiary	Interest received	8.36	0.00	0.00
MASTER TRUST LIMITED and PRIME INDUSTRIES LIMITEDEntities with joint Control or Significant Influence over Entity	LoanLoan at 7.50%, 1 Year, unsecured, Business	5.93	2.98	5.93
MASTER TRUST LIMITED and PRIME INDUSTRIES LIMITEDEntities with joint Control or Significant Influence over Entity	Interest paid	5.48	0.00	0.00
Master Capital Services Limited and Master Commodity Services LimitedSubsidary	LoanLoan at 9.00%, 1 Year, unsecured, Business	4.84	15.18	20.02
Master Capital Services Limited and Matria Estate Developers Private LimitedEntities with joint Control or Significant Influence over Entity	LoanLoan at 15.00%, 1 Year, unsecured, Business	3.17	1.57	4.74
Master Capital Services Limited and Master Portfolio Services LimitedSubsidary	LoanLoan at 9.00%, 1 Year, unsecured, Business	2.51	2.31	4.97
Master Capital Services Limited and Master Infrastructure and Real Estate Developers Ltd.Fellow Subsidiary	Interest paid	1.32	0.00	0.00
Master Capital Services Limited and Master Commodity Services LimitedSubsidary	Interest paid	0.86	0.00	0.00
MASTER TRUST LIMITED and Master Commodity Services LimitedSubsidiary	Sale of goods or services	0.82	0.00	0.00
MASTER TRUST LIMITED and MASTER INFRASTRUCTURE AND REAL ESTATE DEVELOPERS LIMITEDSubsidiary	LoanLoan at 7.50%, 1 Year, unsecured, Business	0.80	0.09	0.88
Master Portfolio Services Limited and G S ChawlaPromoters or Relatives of Promoters	Remuneration	0.75	0.00	0.00
Master Capital Services Limited and Master Portfolio Services LimitedSubsidary	Interest paid	0.72	0.00	0.00
MASTER TRUST LIMITED and H.A.Shares and Stock Brokers Pvt. Ltd.Entities with joint Control or Significant Influence over Entity	LoanLoan at 7.50%, 1 Year, unsecured, Business	0.71	0.00	0.71
Master Capital Services Limited and Matria Estate Developers Private LimitedEntities with joint Control or Significant Influence over Entity	Interest paid	0.42	0.00	0.00
MASTER TRUST LIMITED and Crescent InvestmentEntities with joint Control or Significant Influence over Entity	LoanLoan at 7.50%, 1 Year, unsecured, Business	0.36	5.93	6.29
Master Capital Services Limited and Master Portfolio Services LimitedSubsidary	Sale of goods or services	0.34	0.00	0.00
Master Capital Services Limited and Harneesh Kaur AroraPromoters or Relatives of Promoters	Interest paid	0.31	0.00	0.00
Master Capital Services Limited and Puneet SinghaniaEntities with joint Control or Significant Influence over Entity	Interest paid	0.28	0.00	0.00
Master Capital Services Limited and H.A.Shares and Stock Brokers Pvt. Ltd.Entities with joint Control or Significant Influence over Entity	Any other transactionRent Paid	0.28	0.00	0.00
Master Capital Services Limited and Palka A ChopraPromoters or Relatives of Promoters	Remuneration	0.25	0.00	0.00
Master Capital Services Limited and Rajinder Kumar SinghaniaPromoters or Relatives of Promoters	Remuneration	0.24	0.00	0.00
MASTER TRUST LIMITED and Crescent InvestmentEntities with joint Control or Significant Influence over Entity	Interest paid	0.22	0.00	0.00
Master Capital Services Limited and PRIYANKA THUKRAL ARORAPromoters or Relatives of Promoters	Interest paid	0.21	0.00	0.00

The 25 largest of 102 dealings in the half-year to Mar 2026, ₹ crore.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

Received
Resolved

Open at the quarter's end

None open at any quarter's end.

The board is made up as the listing rules require: Yes
The board has a regular chairperson: No
The company has a risk management committee: No
The chair is related to the managing director: No
The filing has a part on fines and penalties: No
The filing has a part on tax disputes: No
There was a cyber security incident in the quarter: No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Sep 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

Raised	Amount raised	For	Set aside	Spent	Spent elsewhere
Preferential IssuesFeb 2024	99.75	The Company needs to raise additional funds to meet out the working capital requirement, business expansion and other general corporate purposes of the Company.	99.75	99.75	No

₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.

Master Trust board of directors

Committees and meetings

Board

Audit Committee

Nomination and remuneration committee

Stakeholders Relationship Committee

COMMITTEE OF DIRECTORS (LEGAL & BANKING)