Intimation of the decision of the National Stock Exchange of India Limited and BSE Limited ( Stock Exchanges ) on the application for re-classification in relation to Ms. Neelu Analjit Singh from Promoter and Promoter group to Public category as per Regulation 31(A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Max India Limited applied on April 16, 2025 to reclassify Ms. Neelu Analjit Singh from the 'Promoter and Promoter Group' category to the 'Public' category under SEBI Regulation 31A. Both NSE and BSE have rejected this application on July 16, 2025. The reason for rejection is that Ms. Neelu Analjit Singh's daughter, Ms. Tara Singh Vachani (who holds 0.05% of shares), sits on the company's board as a non-executive director. Under SEBI rules, a promoter seeking reclassification (along with their related persons) must not have any board representation in the company, which is not the case here. As a result, Ms. Neelu Analjit Singh will continue to be classified as a promoter.
No change in promoter shareholding or board structure — the promoter status of Ms. Neelu Analjit Singh remains intact. This is a procedural regulatory event with no direct impact on shareholders or stock price.