S.P. Oswal 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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S.P. Oswal, on behalf of the promoters and persons acting in concert of Vardhman Special Steels, has filed a declaration under Regulation 31(4) of SEBI's Takeover Regulations with the NSE. The declaration confirms that the promoters and PAC have not created any encumbrance (such as a pledge, lien, or charge) on their shares in the company during the financial year 2024-25. The filing also lists all 22 promoters and persons acting in concert as on 31 March 2025, including individuals like Shri Paul Oswal, Shakun Oswal, Sachit Jain, and several investment and trading entities. This is a routine annual compliance requirement, not triggered by any specific event.
This is a routine compliance disclosure with no material change. Shareholders can take it as mildly reassuring that promoters have not pledged any additional shares during the year, meaning no new encumbrance risk has been introduced.