R.K. Fashion Accessories Limited: Qasim Family Holds 99.67%

R.K. Fashion Accessories Limited has concentrated ownership and executive control: its four promoters and three promoter-group members held 99.67% of pre-offer equity, while MD Qasim and his three sons occupied all four executive board seats. The company appointed its three non-executive independent directors on February 25, 2026.

Who controls R.K. Fashion Accessories through the Qasim family holding?

R.K. Fashion Accessories is controlled by four related promoters who held 99.61% of its pre-offer equity, with another 0.06% held by three promoter-group members. Mohammed Usman was the largest individual shareholder with 67,63,076 equity shares, or 60.11%, followed by MD Qasim with 44,40,196 shares, or 39.46%. MD Aurangzeb and Mohammed Imran each held 1,700 shares, representing 0.02% each.

The promoter group held 5,100 shares, or 0.06%, through Shaista Usman, Afreen Imran and Farah Aurangzeb. The disclosed promoters and promoter-group members therefore held 1,12,11,772 equity shares, equivalent to 99.67% of pre-offer capital. The draft red herring prospectus did not provide post-offer holdings because those fields were unfilled.

This structure places the overwhelming disclosed voting stake with the promoter and promoter-group holdings, particularly Mohammed Usman’s 60.11% and MD Qasim’s 39.46%. R.K. Fashion Accessories also stated that it had no holding company, subsidiary, associate or joint venture as of the draft prospectus date, leaving the disclosed ownership structure centred on the company itself.

How is the Qasim family represented in executive management?

R.K. Fashion Accessories has a seven-member board, and its four executive directors are MD Qasim and his sons Mohammed Usman, Mohammed Imran and MD Aurangzeb. MD Qasim is chairman and managing director, Mohammed Imran is whole-time director, Mohammed Usman is director and chief executive officer, and MD Aurangzeb is director. The prospectus identifies MD Qasim as the father of the other three executives and identifies the three sons as brothers.

The four executive roles cover procurement, operating management, customer delivery and market outreach. MD Qasim is responsible for raw-material procurement, supplier relationships, invoice approvals, quality-control protocols and product diversification. Mohammed Usman oversees management, administration, business operations, strategy and customer and supplier engagements, while Mohammed Imran manages customer relationships and delivery mechanisms.

MD Aurangzeb’s responsibilities include marketing, brand management and engagement strategies, and the prospectus credits him with introducing the City Girl brand to e-commerce and digital platforms. MD Qasim was redesignated as managing director from February 25, 2026 for a five-year term, while Mohammed Imran was redesignated as whole-time director from the same date. Mohammed Usman was appointed director and chief executive officer from February 25, 2026, and MD Aurangzeb’s appointment as director was recorded at the March 19, 2026 extraordinary general meeting.

What changed in the R.K. Fashion Accessories board in February 2026?

R.K. Fashion Accessories appointed three non-executive independent directors on February 25, 2026, producing a board of four executive directors and three independent directors. Babita Singh, Sayak Dutta and Soumi Mitra were appointed as additional directors on that date, and shareholders regularised their positions at the extraordinary general meeting on March 19, 2026. Each has a five-year term from February 25, 2026 and is not liable to retire by rotation.

The seven-member board includes two women directors, Babita Singh and Soumi Mitra. The company stated that its board composition complied with the Companies Act, 2013 and applicable provisions of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. Before financial year 2025-2026, R.K. Fashion Accessories had no non-executive independent directors and paid no sitting fees to that category during the year.

The independent directors bring disclosed professional backgrounds in accounting, auditing, finance and human resources. Sayak Dutta and Soumi Mitra are fellow members of the Institute of Chartered Accountants of India, while Babita Singh holds a master’s degree in human resources and has experience in human resources and finance. Their appointments created the board’s independent-director component but did not change the 99.67% pre-offer promoter and promoter-group holding.

What oversight and pay arrangements apply to executive control?

R.K. Fashion Accessories has an audit committee composed entirely of its three independent directors, with Sayak Dutta as chairman and Babita Singh and Soumi Mitra as members. The board constituted the committee on March 20, 2026 under Section 177 of the Companies Act, 2013. The committee must meet at least four times a year, with no more than 120 days between two meetings and at least two independent directors present for quorum.

The audit committee’s terms cover financial reporting, auditors, internal financial controls, risk management and related-party transactions. The company stated that related-party transactions must be approved only by independent directors who are audit-committee members, while other members must recuse themselves from related-party discussions. The committee can investigate matters within its remit, seek information from employees and obtain external legal or professional advice.

Mohammed Usman’s stated annual remuneration is Rs 9.60 lakh, subject to a ceiling of Rs 12 lakh including perquisites and board-approved increments. MD Qasim’s annual remuneration is Rs 3 lakh, subject to a Rs 5 lakh ceiling, while Mohammed Imran and MD Aurangzeb each have annual remuneration of Rs 1.80 lakh and a Rs 3 lakh ceiling. The four disclosed annual remuneration amounts total Rs 16.20 lakh, excluding listed perquisites and any later approved increments within the stated limits.

Independent directors may receive Rs 15,000 for each board or committee meeting, subject to an annual maximum of Rs 60,000 for each director under a March 19, 2026 board resolution. R.K. Fashion Accessories reported no performance-linked bonus or profit-sharing plan for promoters, promoter-group members, directors or shareholders. It also reported no loans to directors as of the draft prospectus date.

Conclusion

R.K. Fashion Accessories combines near-total pre-offer promoter and promoter-group ownership with family representation across all four executive positions. Mohammed Usman’s 60.11% holding and MD Qasim’s 39.46% holding account for almost all of the 99.61% promoter stake, while the February 2026 appointments added three independent directors to a seven-member board.

The next disclosed point to watch is the post-offer capital structure, which was not populated in the draft prospectus table. R.K. Fashion Accessories has stated that it will take necessary steps to comply with applicable Securities and Exchange Board of India listing requirements and the Companies Act, while its audit committee has been assigned oversight of related-party transactions, financial reporting and issue-proceeds utilisation.