Haryana Financial Corporation winding-up: FY26, AGM 2026

What has changed for Haryana Financial Corporation

Haryana Financial Corporation (HFC), a state financial corporation established under the State Financial Corporations (SFCs) Act, 1951, is in a winding-up and liquidation process initiated through the State Government’s actions. Alongside this, the State Government has decided to delist HFC’s equity shares from BSE Ltd., and the delisting process is stated to be underway. The developments are material for shareholders because they affect the company’s status as a listed entity and raise questions on continuity of operations. HFC’s recent disclosures also include its AGM schedule and certain compliance updates. Separately, the company has stated that the promoter did not encumber shares during FY2025-26.

Winding-up recommendation under the SFCs Act

The corporation has disclosed that it continues with its recommendation to the State Government for winding up under Section 45 of the SFCs Act, 1951. This recommendation is described as a key board-level decision, highlighted in the financial results (notably referenced as Note 3 in the provided text). The winding-up recommendation sits alongside a broader liquidation process that the text says has been initiated by the State Government. These steps frame HFC’s story as an orderly closure rather than an operating turnaround. In the same context, the auditors have flagged a material uncertainty that may cast significant doubt on the corporation’s ability to continue as a going concern.

Delisting from BSE and regulatory context

The State Government, identified as the promoter, has decided to delist HFC’s shares from BSE Ltd., and the process is reported as ongoing. Disclosures also indicate that an exemption application with SEBI was filed under Regulation 42 of the SEBI (Delisting of Equity Shares) Regulations, 2021, seeking delisting-related exemptions. The text further notes that SEBI granted relaxations from applicability of certain provisions of the delisting framework. HSIIDC appointed VC Corporate Advisor, Kolkata, as merchant banker for the delisting of HFC’s shares from BSE, as per SEBI direction, according to the provided information. For investors, this combination of winding-up and delisting changes the focus from growth metrics to procedural milestones and legal outcomes.

FY2024-25 snapshot: losses, revenue, and guarantees

For the year ended March 31, 2025, HFC reported a net loss of ₹0.0104 crore (₹1.04 lakh). The corporation’s total revenue for the year is stated at ₹5.76 crore, with operational expenses of ₹5.65 crore. Accumulated losses are reported at ₹598.93 crore. The text also states there were no outstanding government guarantees as of March 31, 2025. It also indicates zero loan sanctions, aligning with the broader narrative of limited or ceased operating activity.

Quarterly results: mixed figures across updates

The provided text contains multiple figures for FY26 quarters that do not fully align with each other. One update states HFC reported a net profit of ₹8.56 crore in Q3 FY26 compared with a loss of ₹0.59 crore in the previous year. Another section in the same supplied material states that in Q3 FY26 the corporation posted a net loss of ₹0.33 crore, versus a profit of ₹0.51 crore in the same period last year, with total income declining to ₹10.53 crore from ₹11.65 crore year-on-year. Separately, for the quarter ended September 30, 2025 (Q2 2025 in the text), HFC is reported to have a net loss of ₹0.33 crore, up from ₹0.28 crore in Q1, and total income declining to ₹0.54 crore from ₹0.64 crore. Read together, the disclosures reinforce that investors should rely on the company’s official filings for reconciled numbers, especially when summaries vary across different updates.

Promoter share pledge status in FY2025-26

HFC’s disclosures include a specific compliance point on share encumbrance. The promoter, described as the Governor of Haryana through the Department of Industries and Commerce, did not encumber any shares during FY2025-26. For listed companies, promoter encumbrance is often monitored as a governance and risk indicator because it can signal financing stress. In HFC’s case, the no-encumbrance disclosure is a narrow but clear data point, even as the corporation proceeds through winding-up and delisting steps.

AGM schedule and shareholder communication

HFC has announced its 58th Annual General Meeting for March 25, 2026 at 3:30 PM. The venue listed is The Haryana State Cooperative Apex Bank Ltd. (HARCO Bank) in Chandigarh. The text says the annual report for 2024-25 and the AGM notice were sent electronically to shareholders. In earlier AGM-related information included in the supplied material, the corporation also referenced its equity listing at BSE (scrip code 530927) and payment of annual listing fee of ₹0.0325 crore plus GST.

Corporate identifiers and contact details shared

HFC is identified with BSE code 530927 and NSE symbol HARAFIN in the provided text. The registered office address is listed as 30 Bays Building (Ground Floor), Sector 17-C, Chandigarh 160017, with email hfclegal@gmail.com and website http://www.hfcindia.org.in. The registrar and transfer agent details shown include Beetal House, 3rd Floor, 99 Madangir, New Delhi 110062, with email beetal@beetalfinancial.com. These details matter for shareholders who may need to track notices, demat-related queries, or corporate action updates during delisting and winding-up.

Key numbers and events at a glance

Why these disclosures matter for shareholders

The winding-up recommendation, the delisting decision, and the auditor’s going-concern emphasis collectively indicate a high-event phase that is driven by statutory process rather than business expansion. For public shareholders, delisting can reduce liquidity and change how they can transact, while liquidation processes may shift attention to settlement timelines and procedural outcomes. The financial figures cited in the supplied text show a small FY2024-25 loss against a backdrop of very large accumulated losses, which provides context on why the corporation may be moving to closure. At the same time, the presence of inconsistent quarter-level profit or loss figures across the supplied updates increases the importance of verifying the exact numbers from the relevant stock exchange filings and limited review reports. With the 58th AGM scheduled, the meeting may serve as a key point for formal updates on the delisting and winding-up pathway.

Conclusion

Haryana Financial Corporation’s latest updates point to a winding-up and liquidation track under the SFCs Act, 1951, coupled with an ongoing delisting process from BSE. FY2024-25 results and accumulated losses provide the financial backdrop, while FY26 quarter updates and compliance disclosures add incremental detail. The next confirmed milestone in the supplied information is the 58th AGM on March 25, 2026 in Chandigarh, where shareholders can expect formal business items and process-related updates consistent with the company’s current status.