Revised Disclosure to the Disclosure for non applicability of Regulation 31(4) of the SEBI (SAST) Regulation, 2011, submitted on 07/04/2025 has been attached herewith.
Awaiting price reaction for this filing.
PAE Ltd has filed a revised disclosure stating that Regulation 31(4) of SEBI's Takeover Regulations is not applicable to it because the company currently has no promoter. The company went through the Corporate Insolvency Resolution Process (CIRP), and the NCLT Mumbai bench approved its Resolution Plan on 27 November 2024. Under this plan, the old promoters have been suspended, though the shareholding pattern still shows them holding shares. The company is now working on cancelling old promoter shares, reducing existing public shareholders' shares proportionately, and issuing shares on a preferential basis to new promoters. As of 31 March 2025, the company has no promoter, so the annual disclosure from promoters cannot be submitted.
For shareholders, this confirms PAE Ltd is mid-restructuring after insolvency — existing shareholdings will change as old promoter shares are cancelled and new promoters come in via a preferential issue. Until this process completes, the company has effectively no promoter, which could create uncertainty around corporate control and governance, and may affect stock price sentiment.