BSE Ltd. rejected Reclassification Application of M/s. Waluj Beverages LLP filed under regulation 31A of SEBI Listing Regulation.
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BSE has turned down an application to reclassify M/s Waluj Beverages LLP from the promoter/promoter group category to the public shareholder category under SEBI's Listing Regulations. The original application was filed on February 10, 2025. The reason for rejection: Mr. Rohitkumar Rameshkumar More, a partner in Waluj Beverages LLP, currently sits on the company's board of directors, which BSE views as evidence of continued indirect control over the company. Notably, Waluj Beverages LLP holds zero shares (0.0000%) in the company. The rejection letter from BSE is dated September 2, 2025, and the company has disclosed this to the exchange.
Waluj Beverages LLP will continue to be classified as a promoter group entity. Since it holds no shares, the immediate financial impact is negligible, but the ruling reinforces regulatory scrutiny on promoter relationships and board interlocks. Shareholders should note that any future change in promoter composition remains subject to SEBI's strict control and board-representation tests.