Declaration under Regulation 31(4) of SEBI (Substantial Acquisition of shares & Takeovers) regulations, 2011.
Awaiting price reaction for this filing.
Promoters of RCI Industries and Technologies Limited have filed a routine compliance declaration confirming they have not created any new encumbrance (pledge/lien) on their shares beyond what was already disclosed. The promoter and promoter group — Rajeev Gupta, Mamta Gupta, Metalrod Limited, and Ace Matrix Solutions Limited — together hold 10,026,210 equity shares, equal to 63.96% of the company. The filing is dated May 7, 2025. Notably, the declaration itself flags that the company has been undergoing the Corporate Insolvency Resolution Process (CIRP) since November 25, 2022, and promoters Rajeev Gupta and Mamta Gupta have been under Personal Insolvency Process since June 14, 2024. Note: the source header lists JTL Defence Ltd, but the actual document pertains to RCI Industries and Technologies Limited (Scrip Code 537254).
While this is a standard SEBI compliance disclosure with no change in promoter holding, the embedded mention of ongoing CIRP and personal insolvency proceedings is a serious red flag. Retail investors should be cautious — insolvency-related outcomes can materially affect share value, promoter control, and recovery prospects.