The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on June ....
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Promoter Saravana Global Holdings Limited has disclosed creation of a pledge on 60,01,300 shares (40.01% of total share capital) of Challani Capital Ltd, dated 19 December 2024, but reported only on 4 June 2025 after BSE raised objections. The pledged shares represent 53.36% of the promoter's own shareholding in the company (74.97% promoter holding). The pledge is in favour of Shobha Padam Challani, an individual from the promoter group, for a loan amount of Rs. 10 crore, against a share value of Rs. 19.64 crore. The reason for the pledge is stated as personal use by promoters and PACs. The original disclosure had procedural lapses – the transaction was wrongly recorded as a share transfer instead of a pledge, leading to a delayed and revised filing.
The pledge covers over half of the promoter's stake, which is a significant negative signal — if invoked, it could lead to a change in promoter control. Retail investors should monitor any further encumbrance or invocation disclosures closely.