Rejection of Promoter Reclassification Application
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Vanta Bioscience Ltd's application to reclassify Dr. Vyasmurti Madhavrao Shingatgeri and Mr. Pradeep Chowdary Veeramachineni from the 'Promoter' category to the 'Public' category has been rejected by BSE. The company had originally filed this application on August 17, 2024, and BSE sent the rejection letter on June 13, 2025, which the company received on June 16, 2025. BSE rejected the application because the outgoing promoters together hold more than 1% of total voting rights, and the company had not obtained shareholder approval for the move. This does not meet the requirements of Regulation 31A(3)(a)(ii)(a) of SEBI's Listing Obligations and Disclosure Rules.
Both individuals will continue to be classified as promoters of the company, so there is no change to the current promoter-public shareholding structure. The company would need to either reduce their combined holding below 1% or get shareholder approval before trying again.