Outcome of the Board Meeting held on Shorter Notice - Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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The Board of Shyamkamal Investments has taken on record a letter from the Reserve Bank of India (RBI) dated November 27, 2025, rejecting the proposed change in shareholding and control of the company in favour of Morabia Enterprise Private Limited, Mr. Mahendra Harajivan Morabia, and Persons Acting in Concert. Following this rejection, the Board has decided to not proceed with the allotment of equity shares to these proposed allottees (Sr. No. 1 to 10), while preserving their legal rights. However, the Board will continue with the preferential issue to the remaining proposed allottees (Sr. No. 11 to 39), classified as Public/Non-Promoter category. Funds raised from this truncated issue will be used for repayment of loans/liabilities and general corporate purposes, including business expansion.
The RBI rejection blocks the proposed takeover/change in control by the Morabia group, which may disappoint investors expecting that transaction. However, the company is moving ahead with a scaled-down preferential issue to non-promoter allottees, so some capital raising will still happen. Shareholders should expect no change in control at this stage and monitor whether the rejected parties pursue legal remedies.