Memorandum of Understanding between Promoter Group
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On September 1, 2025, the Somani family promoters of Sarvamangal Mercantile Company signed a Memorandum of Family Settlement to resolve long-standing internal disputes over shareholding and management rights. The settlement divides the promoter group into three branches—headed by Susheel G Somani, Adarsh Somani, and Surendra Somani—and covers inter-se share transfers across multiple listed and unlisted entities, including Sarvamangal Mercantile. Notably, the three promoter branches will NOT be treated as persons acting in concert with one another, effectively splitting what was a unified promoter bloc. Management and control of the company, earlier shared across branches, will now vest solely with one family branch acting together. The settlement is purely among family members, with no related-party transaction or fresh share issuance involved.
Promoter control over the company continues, but governance will now be driven by a single family branch rather than the earlier joint arrangement. Splitting the promoter group into three non-concert entities could alter the dynamics of board decisions and future stake movements, and may also change how individual promoter holdings are classified.