The Exchange has received the revised Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 ....
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Promoter Rasesh Kanakia has filed a revised disclosure correcting earlier omissions (lender names and reasons for encumbrance) under SEBI SAST Regulation 31. The disclosure covers multiple events between February and June 2025: creation of two new pledges totalling 8,19,000 shares (4,69,000 by Ashish Benefit Trust and 3,50,000 personally) and release of five pledges totalling 49,14,500 shares. The pledged shares were held as collateral for personal loans taken by the promoter, with Axis Trustee Services acting as debenture trustee. Net encumbered promoter shares have materially reduced following the releases.
Net pledge releases of over 49 lakh shares versus creations of about 8 lakh shares signal deleveraging by the promoter, which is generally viewed positively by shareholders as it reduces forced-sale risk. The corrections are administrative and do not change the underlying transactions.