The company received a request from Mr. Swaran Singh (currently designated as Promoter) on April 10, 2026, seeking reclassification from "Promoter" category to "Public" category under Regulation 31A of SEBI Listing Regulations.
The company had intimated the stock exchanges about this request on April 10, 2026.
Board Meeting and Approval
The Board of Directors considered this request at their meeting held on May 23, 2026.
The Board approved Mr. Swaran Singh's reclassification from promoter to public shareholder.
Rationale for Board Approval Without Shareholder Consent
Mr. Swaran Singh holds 25,000 equity shares of the company, representing 0.13% of the total voting rights.
Since the promoter seeking reclassification holds less than 1% of total voting rights, shareholder approval is not required as per the proviso to Regulation 31A(3)(a)(vi) of SEBI Listing Regulations.
Conditions and Confirmations
Mr. Swaran Singh confirmed he is neither part of the Board nor holds any key managerial position in the company.
He confirmed he does not participate in the management of the company in any manner or capacity.
He confirmed he does not have any special rights through formal or informal arrangements, including shareholder agreements.
The Board determined he satisfies all conditions specified in Regulation 31A(3)(b) of the Listing Regulations.
Next Steps and Requirements
The reclassification is subject to approval from BSE Limited and National Stock Exchange of India Limited.
The company will undertake applications to the stock exchanges and other necessary steps in due course in compliance with SEBI Listing Regulations.
Authorization
Dr. Bidhubhusan Samal (Chairman), Mr. Bipin Agarwal (Managing Director), and Ms. Cumi Banerjee (CEO - Secretarial, Legal and Admin & Company Secretary) are authorized to take all necessary actions for implementing the reclassification.
This includes making applications to stock exchanges, executing documents, and making necessary filings.
