Mumbai (Maharashtra) [India], February 18: Hazoor Multi Projects Limited (HMPL) has informed the stock exchange that Vyom Hydrocarbon Private Limited (VHPL) and its wholly owned subsidiary, Quippo Oil and Gas Infrastructure Limited, have ceased to be its subsidiary and step-down subsidiary, respectively, following a dilution of the company's shareholding in VHPL below the majority level. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The development stems from Compulsorily Convertible Debentures (CCDs) aggregating to ₹22.30 crore that VHPL had issued on July 2, 2025, to Vyom Geophysical Private Limited. In December 2025, HMPL received communications stating that these CCDs had been converted into equity shares due to an alleged event of default. Based on currently available information and assessments conducted during the finalisation of consolidated financial results for the quarter and nine months ended December 31, 2025, the conversion resulted in HMPL's stake being reduced below controlling levels, leading to a loss of control as defined under applicable accounting standards.
The company stated that it is in the process of obtaining and reviewing relevant statutory records and supporting documentation related to the transaction and conversion. HMPL further clarified that the accounting treatment for this change has been determined in accordance with applicable Indian Accounting Standards based on information presently available. Management emphasized that it remains committed to regulatory compliance, transparency, and timely disclosures to stakeholders while it evaluates the matter and its implications for the company's consolidated financial statements and corporate structure.
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