Praveen Gurnani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Praveen Gurnani, who has been classified as part of Unitech's Promoter Group, has filed a declaration under Regulation 31(4) disclosing he holds 42,75,310 equity shares (face value Rs.2 each) as on 31st March 2026. He has explicitly declared zero encumbrances on these shares. The filing is made "Under Protest" as Gurnani has been seeking reclassification from Promoter Group to Public shareholder since May 2018, with repeated requests sent to Unitech's Board and stock exchanges, all of which have been rejected or ignored. The shares have been suspended for debit in his demat account since December 2018. Gurnani states he has never had any role in the company's functioning or decision-making and has filed applications before the Hon'ble Supreme Court (IA nos. 298073/2024 and 297931/2024) to compel the reclassification.
This filing signals an ongoing legal and regulatory dispute over promoter group classification. Gurnani's zero-encumbrance declaration and active court proceedings suggest he is attempting to formally exit the promoter category, which could alter Unitech's publicly reported promoter shareholding if the reclassification is accepted.