Jet Freight Logistics Limited has informed the Exchange regarding 'Update on Pledge of 22,30,000 equity shares of Mr.Dax Francis Theknath, Promoter Group & Executive Director'.
JETFREIGHT · price
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On the reaction day the stock moved 4.2 pts less than Nifty Microcap 250 and 4.1 pts less than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Jet Freight Logistics has issued a correction regarding a previously reported pledge by Mr. Dax Francis Theknath, who is part of the promoter group and serves as Executive Director. On March 11, 2025, the company had disclosed that he had pledged 22,30,000 equity shares with State Bank of India. However, in a follow-up letter dated May 6, 2025, Mr. Theknath informed the company that due to a technical issue, the pledge was never actually created. The company is now requesting the stock exchanges to remove or cancel the earlier transaction from the exchanges portal.
This is effectively a non-event correction — the reported pledge was never executed, so there is no change to the actual shareholding or encumbrance position. It removes a potential overhang concern, though the premature disclosure may raise minor questions about internal compliance processes.