Key Quantitative Figures

  • Mrs. Suchitra Agarwal held 50,000 equity shares prior to invocation of pledge.
  • Mr. Manoj Kumar Agarwal held 60,000 equity shares prior to invocation of pledge.
  • UV Asset Reconstruction Limited (UVARCL) acquired 25.31% of Burnpur Cement's shares through pledge invocation.

Dates of Action

  • 20-Sep-2025: Mrs. Suchitra Agarwal made initial reclassification request to the company.
  • 11-Nov-2025: Company's Board of Directors rejected the reclassification request.
  • 12-Jun-2026: Calcutta High Court order (Writ Petition No. 3454 of 2026) directing NSE to consider the representation.
  • 29-Jul-2026: SEBI directive letter (Ref: I/17562/2026) to company to submit application to exchanges.
  • 05-Aug-2026: Company submitted reclassification application to NSE.
  • 10-Sep-2026: NSE issued no-objection order.
  • 11-Sep-2026: Company intimates exchanges about NSE order.
  • Trading in scrip was suspended since January 2025 and recommenced w.e.f. 11-Aug-2026.

Parties Involved

  • Regulatory Bodies: National Stock Exchange of India Limited (NSE), BSE Limited, Securities and Exchange Board of India (SEBI), Hon'ble Calcutta High Court
  • Individuals: Mrs. Suchitra Agarwal (applicant), Mr. Manoj Kumar Agarwal (spouse, promoter), Ms. Punam Kumari Sharma (Company Secretary & Compliance Officer), Mr. Ritesh Aggarwal (Non-executive Director representing UVARCL)
  • Corporate Entities: UV Asset Reconstruction Limited (ARC that took over management)

Purpose/Rationale

To intimate the stock exchanges about NSE's no-objection approval for reclassification of Mrs. Suchitra Agarwal from "Promoter" category to "Public" category, following a Calcutta High Court directive.

Financial/Operational Impact

The reclassification changes the categorization of Mrs. Suchitra Agarwal's shareholding from promoter to public category. No direct financial impact quantified in the disclosure.

Capital Structure Impact

Change in promoter/public shareholding classification without alteration to the total number of shares outstanding.

Key Proceedings and Findings

1. The management of Burnpur Cement was taken over by UV Asset Reconstruction Limited in February 2023 under SARFAESI Act due to default in repayment of credit facilities.

2. The company's Board initially rejected the reclassification on November 11, 2025, citing that the change in management was "transient in nature" and promoters might regain control in the future.

3. The company failed to submit the reclassification application to NSE within the mandated 5-day timeline after board consideration, constituting a regulatory violation.

4. NSE conducted joint hearings with BSE on August 12-13, 2026, with representations from both the company and Mrs. Agarwal's representatives.

5. NSE concluded that no material evidence demonstrates that Mrs. Agarwal presently exercises direct or indirect control over the listed entity, and the possibility of future management restoration is a "contingent and prospective event" that doesn't establish current control.

6. NSE found the application compliant with Regulation 31A(3)(b) & (c) conditions, including that the applicant holds less than 10% voting rights, doesn't exercise control, has no special rights or board representation, and isn't a wilful defaulter or fugitive economic offender.

Additional Regulatory Action

NSE noted that an SOP fine is leviable on Burnpur Cement Limited for non-compliance with Regulation 31A(3)(a)(iii) regarding the delayed submission of the reclassification application to the stock exchange.