Harshil Nuwal holds 99.98% of Sona Polyspin promoter

Harshil Nuwal holds 7,03,400 of 7,03,500 paid-up shares, or 99.98%, in Sona Polyspin Private Limited, the company’s corporate promoter. The remaining 100 shares, or 0.02%, are held by Uma Nuwal. Sona Polyspin is one of five promoters collectively holding 3,66,66,975 equity shares, or 86.21% of the company’s fully diluted equity capital.

How much of Sona Polyspin does Harshil Nuwal own?

Harshil Nuwal owns 99.98% of Sona Polyspin through 7,03,400 equity shares, according to the corporate promoter’s shareholding pattern at the Red Herring Prospectus date. Uma Nuwal owns 100 shares, representing the remaining 0.02% of the 7,03,500 paid-up equity shares.

Sona Polyspin has authorised share capital of Rs 3.75 crore, divided into 37,50,000 equity shares of Rs 10 each, and paid-up share capital of Rs 70.35 lakh. Paid-up capital is the value of issued shares for which shareholders have paid the company. Its 7,03,500 paid-up shares equal 18.76% of the 37,50,000-share authorised capacity.

Harshil Nuwal is also one of two disclosed directors of Sona Polyspin, alongside Subhash Chandra Nuwal. The prospectus identifies Harshil Nuwal and Subhash Chandra Nuwal as Sona Polyspin’s promoters. The 99.98% holding and directorship place Harshil Nuwal in the dominant ownership position, although the disclosure does not describe a shareholder agreement or separate governance arrangement.

How did transmissions and gifts change Sona Polyspin ownership?

Two will-based share transmissions to Harshil Nuwal covered 2,24,000 Sona Polyspin shares and were registered on October 30, 2025. A share transmission records a change in title arising through succession, rather than an ordinary share sale. The two transmissions equal 31.84% of Sona Polyspin’s present 7,03,500 paid-up shares.

The first transmission involved 28,000 shares from Late Ram Rich Pal Nuwal under a will dated January 1, 2022. The second involved 1,96,000 shares from Late Kanchan Devi Nuwal under a will dated October 1, 2022. Both entries name Harshil Nuwal as the recipient and October 30, 2025 as the registration date.

The prospectus separately records two gifts totalling 2,49,400 shares to Harish Nuwal, not Harshil Nuwal. Subhash Chandra Nuwal transferred 1,15,000 shares under a gift deed dated July 9, 2025, while Uma Nuwal transferred 1,34,400 shares under a gift deed dated October 10, 2025. Sona Polyspin registered both transfers on October 30, 2025.

The four reported transactions total 4,73,400 shares, equal to 67.29% of Sona Polyspin’s current paid-up share count. The prospectus states that, apart from these events, there was no ownership change in the corporate promoter during the three years immediately preceding the Red Herring Prospectus. It does not provide a before-and-after ownership table for each transaction.

What does Harshil Nuwal’s Sona Polyspin stake mean for promoter control?

Harshil Nuwal’s 99.98% stake gives him an indirect economic interest in the company shares held by Sona Polyspin, one of the five promoters. The five promoters, namely Harshil Nuwal, Subhash Chandra Nuwal, Uma Nuwal, Deepank Bhandari and Sona Polyspin, collectively owned 3,66,66,975 equity shares, representing 86.21% of issued, subscribed and paid-up equity share capital on a fully diluted basis.

Fully diluted basis means the shareholding percentage is calculated using a share base that includes equity shares that could arise from convertible or other dilutive securities. The supplied disclosure does not state Sona Polyspin’s individual holding in the company. Its precise contribution to the 86.21% collective promoter holding therefore cannot be calculated from these pages.

Harshil Nuwal, Subhash Chandra Nuwal and Uma Nuwal were the company’s original promoters from its inception. The company allotted equity shares to Deepank Bhandari on March 31, 2022, and to Sona Polyspin on May 31, 2022, resulting in the five-promoter structure disclosed at the Red Herring Prospectus date.

The company says there has been no change in its control except for the disclosed promoter developments. That statement distinguishes changes in Sona Polyspin’s ownership from a separately reported shift in control of the operating company. Sona Polyspin nevertheless remains relevant to the promoter structure because it is one of the five entities and individuals within the 86.21% collective holding.

What are Sona Polyspin’s business and governance arrangements?

Sona Polyspin was incorporated on April 5, 2004, under the Companies Act, 1956, and continues under the Companies Act, 2013. It has a registered office in Goregaon West, Mumbai, and the prospectus says its activities have not changed since incorporation. Its authorised objects include manufacturing, trading, importing, exporting and distributing textiles, yarn, fabrics, garments and related products.

Sona Polyspin was engaged in trading at the Red Herring Prospectus date. The company says Sona Polyspin does not then compete with it, despite being authorised under its constitutional documents to undertake activities similar to or synergistic with the company’s business. The company says it will adopt procedures and practices compliant with applicable laws and regulatory guidelines if a potential conflict of interest arises.

Sona Polyspin’s two disclosed directors are Harshil Nuwal and Subhash Chandra Nuwal. The company also states that its promoters may be interested in it through direct and indirect shareholdings, directorships, remuneration, benefits and expense reimbursements. It further says its corporate promoter is authorised to pursue certain similar or synergistic activities but was not competing with the company at the prospectus date.

Conclusion

Harshil Nuwal’s 7,03,400 shares give him 99.98% ownership of Sona Polyspin, concentrating ownership of the corporate promoter with the company’s managing director. The two will-based transmissions to Harshil Nuwal totalled 2,24,000 shares, while the two disclosed gifts totalled 2,49,400 shares to Harish Nuwal. Sona Polyspin’s status among promoters holding 86.21% collectively connects that concentrated vehicle ownership to the wider promoter structure.

The next disclosure to watch is a reconciled ownership trail for Sona Polyspin, because Harish Nuwal is named as recipient of 2,49,400 gifted shares but is not listed in the current 7,03,500-share ownership table. The company’s disclosed plan is to use procedures compliant with applicable laws and regulatory guidelines if conflicts arise from Sona Polyspin’s authorised activities; at the prospectus date, it says the vehicle trades and does not compete with the company.