Permanent Magnets resolves decades-old pledged share issue

Permanent Magnets Limited has announced the successful resolution of 31,290 physical shares. These shares were originally pledged in 1995 by the late Madanlal Taparia to the erstwhile Bank of Rajasthan (now ICICI Bank) as collateral for a personal loan. Although the loan was fully repaid in 1998, the shares remained with the bank due to procedural issues.

A subsequent mix-up prevented the shares' return during Taparia’s lifetime. Following his demise in 2012, ICICI Bank confirmed in 2024 that the physical shares were lost or misplaced. After due diligence and claiming duplicates, the shares were dematerialized and transferred on November 26, 2025, to the Demat A/c of the executor of will, Ramesh Taparia.

The 31,290 shares have now been equally distributed to the beneficiaries, Sharad Taparia and Mukul Taparia, with each receiving 15,645 equity shares. Permanent Magnets stated that these shares, received under a duly probated will, are exempt from SAST. This intimation serves to close the fact of promoters' shares having been pledged and ensures transparent disclosure for corporate governance.