Submission of NOC received for reclassification of promoter or promoter group
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Awaiting price reaction for this filing.
BSE has granted no-objection for reclassifying Mr. Dheeraj Shah (40,80,818 shares, 0.93%) from Promoter to Public and Mr. Paresh Shah (16,00,000 shares, 0.36%) from Promoter Group to Public, effective under SEBI's Listing Regulations. Together, the two outgoing promoters hold about 1.29% of the company's shares. The company must still obtain shareholders' approval at an upcoming general meeting to complete the reclassification. Separately, BSE issued a warning letter to the company for disclosing the original reclassification application three days late (October 27 instead of within 24 hours of the October 24 filing), which the company said will be placed before its Board for corrective action.
The shift moves 1.29% of shareholding from the promoter group to the public category, slightly reducing the promoter base, though the company still needs shareholder approval to finalize it. The warning letter is a procedural caution for delayed disclosure and is not expected to materially affect the stock or operations.