Surplus Finvest Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
FMNL · price
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Surplus Finvest Private Limited, a promoter group entity of Future Market Networks Limited (FMNL), has submitted the annual declaration under SEBI Regulation 31(4) for FY ended March 31, 2025. The declaration confirms that no new encumbrance (pledge, lien, or charge) was created on the company's shares by any promoter, promoter group member, or person acting in concert during the year. The shareholding annexure shows individual Biyani family members hold negligible shares (0.00% each) and Surplus Finvest holds 5.35% (32,45,494 shares). A key note: Future Corporate Resources Private Limited (FCRPL), which holds 61.57% of paid-up capital, has been excluded from the promoter list because NCLT has initiated Corporate Insolvency Resolution Process (CIRP) against it, and an intimation has been sent to its Resolution Professional.
For shareholders, the practical promoter stake in FMNL is now extremely thin at around 5.35% since the main holding entity (61.57%) is under insolvency and operationally removed from the promoter group. The absence of new pledges is a routine compliance positive, but the company remains in a governance vacuum given that its largest shareholder is in CIRP, which could lead to significant ownership change through the resolution process.