Shardul Securities Limited has received a re-classification request letter dated 11 August 2026 from certain members of its promoter and promoter group. The request seeks to re-classify these entities from the 'promoter and promoter group' category to the 'public shareholders' category.

The request follows a previously disclosed memorandum of family settlement dated 16 July 2026 among various members of the Chaturvedi Family, some of whom are promoters. The memorandum aimed to maintain amity, goodwill, peace, and harmony within the family.

In connection with this settlement, the following five applicants have sold their entire shareholding in the company to Shriyam Commodities Intermediary LLP pursuant to a share purchase agreement also dated 16 July 2026:

  • Gagan Dinanath Chaturvedi (Promoter) - Nil shares
  • Shruti Gagan Chaturvedi (Promoter) - Nil shares
  • Mohini G Chaturvedi (Promoter) - Nil shares
  • Pradeep Sandeep Corporate Advisors LLP (Promoter Group) - Nil shares
  • Kamvan Construction Private Limited (Promoter Group) - Nil shares

Total shareholding of all applicants: Nil

The applicants confirm they hold no special rights through formal or informal arrangements and are not privy to any price-sensitive information. They further confirm they do not exercise control over the company's affairs, directly or indirectly.

The re-classification request letter provides the following rationale: The Gagan Family members (Gagan Dinanath Chaturvedi, Shruti Gagan Chaturvedi, and Mohini G Chaturvedi) entered into the family settlement agreement. As part of this agreement, they divested their entire shareholding in the company. The applicants emphasize they were never involved in business operations, management, or day-to-day affairs of the company and had no rights to appoint directors or control management decisions.

The applicants have provided undertakings as required under Regulation 31A(3)(b) of SEBI Listing Regulations, confirming:

  • They do not hold more than 10% of total voting rights
  • They do not exercise control over company affairs
  • They have no special rights through any arrangements
  • They have no nominee directors on the board
  • They do not act as key managerial personnel
  • They are not wilful defaulters per RBI guidelines
  • They are not categorized as fugitive economic offenders

They further undertake to remain compliant with certain conditions for at least three years post-reclassification if approved.

The company will place this re-classification request before its board of directors at a meeting scheduled for 12 August 2026 for consideration and approval. If approved, the company will undertake the procedure for re-classification in accordance with Regulation 31A of the Listing Regulations.