Date: 04th November, 2026

SEBI Exemption Order Details

Order Reference: SEBI Order No. WTM/KCV/CFD/14/2026-27 dated November 03, 2026

Regulatory Basis: Exemption granted under Regulation 11(5) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Exempted From: Compliance with Regulations 3(2), 4 and 5 of SAST Regulations, 2011

Valid Until: November 02, 2027 (1 year from order date)

Transaction Structure

Proposed Acquirers:

  • Rinku Appalwar Business Trust (Rinku Trust)
  • Makrand Appalwar Business Trust (Makrand Trust)

Target Companies:

  • Emmbi Industries Limited (Primary Target)
  • Emmbi Laboratories Private Limited (ELPL) - Subsidiary
  • Maithili Agrotech Private Limited (MAPL) - Subsidiary

Share Transfer Details

From Rinku Makrand Appalwar to Rinku Trust:

  • 23,67,746 equity shares (12.31%) in Emmbi Industries Limited
  • 160 equity shares (16%) in Emmbi Laboratories Private Limited
  • 2,25,000 equity shares (52.33%) in Maithili Agrotech Private Limited

From Makrand Moreshwar Appalwar to Makrand Trust:

  • 38,39,550 equity shares (19.96%) in Emmbi Industries Limited
  • 740 equity shares (74%) in Emmbi Laboratories Private Limited
  • 3,40,000 preference shares (52.31%) in Emmbi Laboratories Private Limited
  • 2,05,000 equity shares (47.67%) in Maithili Agrotech Private Limited

Shareholding Impact

Pre-Transaction Promoter Shareholding (Emmbi Industries): 62.95% (1,21,11,103 shares)

Post-Transaction Promoter Shareholding: 62.95% (1,21,11,103 shares) - UNCHANGED

Public Shareholding: 37.05% (71,29,147 shares) - UNCHANGED

ELPL Shareholding Post-Transaction:

  • Makrand Trust: 740 shares (74%)
  • Rinku Trust: 160 shares (16%)
  • Maithili Rinku Makrand Appalwar: 100 shares (10%)

MAPL Shareholding Post-Transaction:

  • Rinku Trust: 2,25,000 shares (52.33%)
  • Makrand Trust: 2,05,000 shares (47.67%)

Trust Structure Details

Rinku Appalwar Business Trust:

  • Settlor: Mrs. Rinku Makrand Appalwar
  • Trustees: Mrs. Rinku Makrand Appalwar, Mr. Makrand Moreshwar Appalwar
  • Beneficiaries: Mr. Makrand Moreshwar Appalwar, Ms. Maithili Rinku Makrand Appalwar, Lineal Descendants of Ms. Maithili Rinku Makrand Appalwar

Makrand Appalwar Business Trust:

  • Settlor: Mr. Makrand Moreshwar Appalwar
  • Trustees: Mr. Makrand Moreshwar Appalwar, Mrs. Rinku Makrand Appalwar
  • Beneficiaries: Mrs. Rinku Makrand Appalwar, Ms. Maithili Rinku Makrand Appalwar, Lineal Descendants of Ms. Maithili Rinku Makrand Appalwar

Compliance Conditions

SEBI Master Circular Compliance: The trusts comply with Chapter 8 of SEBI Master Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2023/31 dated February 16, 2023

Key Undertakings:

  • No change in ultimate beneficial ownership or control
  • Trustees and beneficiaries are only promoters/immediate family members
  • No transfer/assignment/encumbrance of beneficial interest
  • Assets distribution only to beneficiaries upon trust dissolution
  • No delegation of trustee powers to outsiders

Reporting Requirements:

  • Completion report to SEBI within 21 days of acquisition
  • Annual compliance confirmation to Target Company for shareholding pattern disclosure
  • Annual independent auditor certification of compliance status to Stock Exchanges and SEBI
  • Disclosure of any trustee/beneficiary changes within 2 days to Stock Exchanges with copy to SEBI

Rationale and Impact

Purpose: Internal reorganization for family succession planning

Control Impact: No change in ultimate control or voting rights of Target Company

Economic Impact: No change in economic interest or beneficial ownership

Public Shareholder Impact: No dilution or change in public shareholding percentage