Key Event
Star Cement Limited received identical rejection letters dated 16th July, 2026 from both BSE Limited (Ref: LIST/COMP/SJ/146/2026-27) and National Stock Exchange of India Limited (Ref: NSE/LIST/STARCEMENT/573/2026-2027) regarding the company's application for reclassification of promoters.
Application Details
The company had submitted applications to both exchanges:
- To BSE: Dated 10th February, 2026
- To NSE: Dated 11th February, 2026
The applications sought no-objection for reclassification of 29 promoter/promoter group entities from promoter category to public category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
List of Promoters Seeking Reclassification
The 29 entities seeking reclassification were:
1. Kamakhya Chamaria
2. Laxmi Chamaria
3. Prahlad Rai Chamaria (G S Chamaria and Sons HUF)
4. Hardeo Das Kamakhya Prasad HUF
5. Pushpa Agarwala
6. Amritansh Chamaria
7. Kailash Prasad Chamaria
8. Gouri Shankar Kailash Prasad HUF
9. Gayatri Chamaria
10. Vinay and Company
11. Prahlad Rai Chamaria
12. Ratna Chamaria
13. Sneh Lohia
14. Snigdha Chamaria
15. Sarika Jalan
16. Suchita Agarwal
17. Tanuj Chamaria
18. Mukund Chamaria
19. Rajendra Udyog HUF
20. Saroj Kejriwal
21. Rahul Chamaria
22. Sachin Chamaria
23. Renu Chamaria
24. Rajendra Chamaria
25. Prahlad Rai Chamaria (Prahlad Rai Vinay Kumar HUF)
26. Amit Agarwal
27. Komal Chamaria
28. Rishi Raj Shah
29. Jagdish Prasad Shah
Reason for Rejection
Both exchanges rejected the application based on non-compliance with Regulation 31A(3)(a) of SEBI LODR Regulations, which requires:
- The promoter(s) seeking reclassification must make a formal request to the listed entity
- The request must include a rationale and description of how conditions under Regulation 31A(3)(b) are satisfied
- The board of directors must analyze such request in the immediate next board meeting or within two months
The application was rejected because it was not accompanied by request letters from the individual promoters seeking reclassification. The application was instead based solely on the Board's independent satisfaction that conditions under Regulation 31A(3)(b) were fulfilled.
Regulatory Outcome
Both exchanges disposed of the reclassification application, meaning it cannot be considered under Regulation 31A of SEBI LODR Regulations in its current form.
Company's Response
Star Cement Limited is reviewing the rejection letters to determine the further course of action. No specific timeline or next steps were disclosed.
Financial Impact
Financial impact not quantified in the disclosure. The rejection maintains the current promoter classification status without immediate capital structure changes.