Orient Cables (India) Limited: Nagpals retain 99.99% control

Sep 23, 2026•3 min read

Orient Cables (India) Ltd.

ORIENT

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Orient Cables (India) Limited reports that its five promoters held 102,034,800 equity shares, or 99.99% of paid-up equity share capital, as of the Red Herring Prospectus date. The promoter group comprises three Nagpal family members and two family trusts whose 2018 deeds expressly provide for intergenerational transfer of trust corpus and income.

How does Orient Cables retain 99.99% Nagpal family control?

Orient Cables retains 99.99% Nagpal family control because it identifies Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust and Garima Family Trust as its five promoters. Their combined 102,034,800 equity shares represent 99.99% of the company's paid-up equity share capital, the share capital for which payment has been received. The disclosure gives the aggregate promoter holding, rather than a promoter-by-promoter allocation, on pages 289 to 291.

The ownership concentration is coupled with executive positions held by the three individual promoters. Vipul Nagpal is Chairman and Managing Director, while Garima Nagpal and Vardaan Nagpal are Whole-time Directors. Vardaan Nagpal was identified as a promoter under a Board resolution dated March 28, 2025, but Orient Cables says there was no change in control of the company in the five years preceding the Red Herring Prospectus date.

What role do the two family trusts play in ownership?

Vipul Family Trust and Garima Family Trust make succession planning a stated part of the promoter structure. Both were formed under trust deeds dated November 22, 2018, and both deeds list seamless intergenerational transfer of the trust corpus and income, along with an effective succession-planning mechanism, among their objects. Trust corpus means the assets held by a trust for its beneficiaries.

Vipul Nagpal settled Vipul Family Trust and serves as its trustee with Garima Nagpal. Its primary beneficiaries are Garima Nagpal, Kian Kuber Nagpal, Vardaan Nagpal and VN Legacy Trust, while the lineal descendants of Kian Kuber Nagpal and Vardaan Nagpal are secondary beneficiaries. Its deed also permits financial and non-financial support for beneficiaries, including maintenance, travel, medical needs, education, insurance and marriage.

Garima Nagpal settled Garima Family Trust and serves as its trustee with Vipul Nagpal. Its primary beneficiaries are Vipul Nagpal, Kian Kuber Nagpal, Vardaan Nagpal and an additional trust named in the disclosure; the lineal descendants of Kian Kuber Nagpal and Vardaan Nagpal are secondary beneficiaries. The two trusts therefore include the current promoter generation and specified descendants within their beneficiary arrangements.

Has control of Orient Cables or its trusts changed?

Orient Cables reports no change in its control in the five years before the Red Herring Prospectus date, while each family trust reports no change in control in the preceding three years. The different periods matter: the five-year confirmation applies to Orient Cables, and the three-year confirmations apply separately to Vipul Family Trust and Garima Family Trust. The March 2025 identification of Vardaan Nagpal as a promoter did not, according to the company, alter control.

The trustee arrangements disclosed as of the Red Herring Prospectus date also place the same two individual promoters in both trusts' governance. Vipul Nagpal and Garima Nagpal are trustees of Vipul Family Trust, and Garima Nagpal and Vipul Nagpal are trustees of Garima Family Trust. Continued control as described in the prospectus depends on those trust arrangements, the stated beneficiaries and the underlying trust deeds remaining in place.

What promoter-linked arrangements does Orient Cables disclose?

Orient Cables says its promoters are interested through their promotion of the company, direct and indirect shareholding, relatives' shareholding, directorships, remuneration and employment benefits. It also says promoters may be interested in transactions involving themselves, their relatives or entities they control. The disclosure distinguishes these interests from a statement that promoters have no interest in property acquired or proposed to be acquired by the company during the three preceding years.

Orient Cables has a registered-office rent agreement dated April 1, 2026 with Vipul Nagpal for 11 months ending February 28, 2027. The company is required to pay Rs 1 lakh a month under that agreement. The arrangement appears in the company's confirmations concerning potential conflicts with lessors of immovable property that are crucial for operations.

A separate corporate-office rent agreement dated May 1, 2024 is with Orient Networks Private Limited for three years ending March 31, 2027. Orient Cables is required to pay Rs 4 lakh a month, while Vipul Nagpal and Garima Nagpal hold 99% and 1%, respectively, of Orient Networks' share capital. Orient Cables identifies Orient Networks as one of two group companies under its materiality policy, which uses a threshold of transactions cumulatively exceeding 10% of the company's total turnover for the last fiscal.

Shareholders also approved Rs 1.25 crore on July 15, 2026 for Vardaan Nagpal's master's in management studies at Duke University in the United States. The approval followed a Sponsorship and Employment Bond Agreement and Board resolution dated June 30, 2026 under the company's employee education, training and professional development support policy. The agreement requires Vardaan Nagpal to serve Orient Cables for at least three years after completing the course, or another duration agreed by the parties.

Conclusion

Orient Cables' disclosed ownership structure places 99.99% of paid-up equity capital, or 102,034,800 shares, with five promoters comprising three Nagpal family members and two family trusts. The November 22, 2018 trust deeds give that structure a documented succession purpose by providing for the intergenerational transfer of trust corpus and income, alongside beneficiary support.

The disclosed developments to watch are the registered-office lease expiry on February 28, 2027, the corporate-office lease expiry on March 31, 2027, and completion of Vardaan Nagpal's minimum three-year service obligation after his studies. Any later capital-structure disclosure would determine whether the reported promoter share count and 99.99% concentration change following the offering.

Frequently Asked Questions

Orient Cables identifies five promoters: Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust and Garima Family Trust. They collectively held 102,034,800 equity shares, representing 99.99% of paid-up equity share capital as of the Red Herring Prospectus date.

Vipul Family Trust and Garima Family Trust were formed through trust deeds dated November 22, 2018. Their stated objects include meeting beneficiaries' needs, intergenerational transfer of trust corpus and income, and an effective succession-planning mechanism.

Vipul Nagpal and Garima Nagpal are trustees of both Vipul Family Trust and Garima Family Trust. Vipul Nagpal settled the former trust, while Garima Nagpal settled the latter trust, according to the Red Herring Prospectus.

Orient Cables states that there was no change in company control during the five years preceding the Red Herring Prospectus date. Vardaan Nagpal was identified as a promoter through a Board resolution dated March 28, 2025, but the company says that did not constitute a control change.

Orient Cables leases its registered office from Vipul Nagpal for Rs 1 lakh a month under an agreement running from April 1, 2026 to February 28, 2027. It also leases its corporate office from Orient Networks Private Limited for Rs 4 lakh a month through March 31, 2027; Vipul Nagpal and Garima Nagpal hold 99% and 1%, respectively, of Orient Networks.