The Board of Directors have received the request letter from Mahendrabhai Gulabdas Patel and Munjal Mahendrabhai Patel for reclassifying them from promoter to public category.
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Sera Investments & Finance India Ltd has informed BSE that the Board received a request from Mahendrabhai Gulabdas Patel and Munjal Mahendrabhai Patel to be reclassified from the 'Promoter' category to the 'Public' category. Notably, both individuals currently hold zero equity shares in the company and claim no involvement in the company's activities or decision-making. The reclassification is being sought under Regulation 31A of SEBI LODR, with both parties providing standard undertakings (no board seat, not KMP, not a willful defaulter, not a fugitive economic offender). The reclassification requires compliance with SEBI conditions for at least three years.
This is largely an administrative/housekeeping filing with no change in shareholding, since both individuals already hold zero shares. It formalises that two persons with no actual stake or role will be moved out of the promoter group, which slightly clarifies the true promoter composition but has no material effect on stock price or shareholder value.