- **Mask Investments is a listed Indian investment company that deploys capital into a handful of group businesses and lends to third parties - a model built entirely on the Saboo family’s industrial network. Incorporated in 1992 and listed on the NSE in 2016, it was originally registered as a non-banking finance company (NBFC) but lost that licence in 2018 for failing to meet the regulator’s net operating funds requirement. The recurring approach is simple: it holds long-term equity stakes in companies controlled by its promoters, collects dividends when those companies perform, and extends unsecured loans with no fixed repayment schedule - a structure that ties its fortunes directly to the health of the group.** # Business segments A single engine - a finance-and-investment vehicle that holds promoter-group equity and extends unsecured loans - with no subsidiaries, no operating businesses, and no separate revenue streams. ## 1. Finance and investment: the group’s capital pool **The company makes money in two ways - dividends from long-term equity holdings in promoter-linked firms, and interest on unsecured loans handed out without a repayment date.** - **A concentrated, static portfolio** - as of March 2025, the equity book held quoted shares in two companies (Mohit Industries and Bigbloc Construction) and unquoted shares in two more (NXT Fab and Mohit Overseas), a mix that has not changed for at least three financial years. Because the holdings are classified as fair-value-through-other-comprehensive-income, any rise or fall in market price bypasses the profit-and-loss account and sits in reserves; only dividends actually received hit the income statement. - **Loans with no clock** - the company gives unsecured loans to parties outside the promoter group, but the agreements carry no stipulated repayment schedule or interest-payment timetable, making them effectively repayable on demand. The outstanding loan book stood at roughly ₹1.4 crore as of March 2025, and interest is booked using the effective-interest-rate method. - **No operating backbone** - the company owns no fixed assets, holds no inventory, and has no bank working-capital lines above ₹5 crore, so its cost base is almost entirely administrative. Its own borrowings are unsecured, repayable on demand, and sourced from other companies and a director. - **Performance is inherited, not generated** - the company’s own filings state that its results depend on how well the group and associate companies do, because adverse hits to those businesses flow straight through to Mask Investments. That is the trade-off: no diversification, no operating assets, just a claim on the promoter ecosystem. # Group structure and partners **The company is a standalone family vehicle - no subsidiaries, no joint ventures, and a promoter group that holds nearly three-quarters of the stock unencumbered.** - The Saboo family collectively owned about 72.25% of the equity as of FY24, led by Narayan Saboo at roughly 44%, with no shares pledged or encumbered. - The ecosystem in which the company’s investments sit includes Mohit Industries, Mohit Yarns, Mohit Overseas, Soul Clothing, Mohit Filaments, Bigbloc Construction, Starbigbloc Building Material, Bigbloc Building Elements, and Siam Cement Big Bloc Construction Technologies - all enterprises controlled by key management personnel or their relatives. - Mask Investments itself has no subsidiaries, joint ventures, or associate companies that form separate business lines. - In early 2026 the board moved to adopt a new memorandum of association - shifting the registered-office state from Madhya Pradesh to Gujarat and adding a clause permitting mergers, amalgamations, and the formation of subsidiaries - though the shareholder meeting called to approve it was postponed.