Reclassification from promoter to public
KOTIC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Kothari Industrial Corporation Ltd informed BSE that it has received applications under SEBI LODR Regulation 31A seeking reclassification from the Promoter/Promoter Group category to the Public category. Three applicants are involved: M/s. Saloman Investment Limited (which has been wound up and holds no demat shares), Ms. Asha Thayer, and Mr. Mohan Das. The applicants have confirmed they hold less than 10% voting rights, exercise no control over the company, and have no board representation. The request will be placed before the Board at its next meeting for consideration. Saloman Investment's reclassification is specifically sought to comply with SEBI's 100% dematerialization requirement for promoter holdings.
This is largely a procedural/compliance-driven reclassification rather than a change in actual ownership. For shareholders, it marginally shifts the share-count classification between promoter and public buckets but is unlikely to materially affect stock price or control dynamics. The Board still needs to approve the reclassification.