Bharatam Ventures Limited (formerly pet plastics Limited) has informed BSE Limited about receiving a reclassification request from one of its promoters under SEBI regulations. The company filed the intimation on March 28, 2026, in compliance with regulatory disclosure requirements.

Promoter Reclassification Request Details

The company received a formal request from Ritesh Vijay Vakil, seeking reclassification from "Promoter & Promoter Group" category to "Public" category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance Confirmations

In his reclassification request, Ritesh Vijay Vakil provided comprehensive confirmations regarding his current status with the company. The promoter certified that he does not hold more than 10% of total voting rights and exercises no control over company affairs, directly or indirectly.

Key compliance confirmations include:

• No special rights through formal or informal arrangements
• Not represented on the board of directors
• Not acting as key managerial person
• Not classified as willful defaulter or fugitive economic offender
• No pending regulatory action

Approval Process and Next Steps

The reclassification request requires multiple levels of approval before implementation. The company's board of directors must analyze and approve the request, followed by consent from BSE Limited as the listing exchange.

The promoter has committed to comply with specific regulatory conditions for at least three years from the reclassification date. Failure to maintain compliance would result in automatic reclassification back to "Promoter" category.

Company Background

Bharatam Ventures Limited, formerly known as Pet Plastics Limited, operates from its registered office in Chembur, Mumbai. The company trades on BSE under scrip code 524046 with the symbol PETPLST. The reclassification process follows established SEBI guidelines designed to ensure transparency in promoter categorization and protect investor interests.

Bharatam Ventures Limited (formerly known as pet plastics Limited) has announced the resignation of its Executive Managing Director, Mr. Ritesh Vijay Vakil, effective from March 28, 2026. The resignation was formally communicated to BSE Limited following a board meeting held on the same date.

Board Meeting Details

The Board of Directors convened on March 28, 2026, with the meeting commencing at 01:00 PM and concluding at 08:00 PM. The primary agenda item was to take note of the resignation of Mr. Ritesh Vijay Vakil from his position as Executive Managing Director.

Executive Director Resignation

Mr. Ritesh Vijay Vakil, holding Director Identification Number (DIN) 00153325, submitted his resignation from the Board of Directors with immediate effect from the close of business hours on March 28, 2026. In his resignation letter, Mr. Vakil clearly stated that his decision to step down was due to a change in control of the company.

Regulatory Compliance

The company has ensured full compliance with regulatory requirements by providing comprehensive disclosures under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure includes all necessary information as mandated by SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155.

Mr. Vakil expressed his gratitude to the Board for their support and guidance during his tenure as Managing Director. The resignation letter has been forwarded to the concerned Registrar of Companies and stock exchanges where the company's equity shares are listed.

Company Information

Bharatam Ventures Limited, formerly known as Pet Plastics Limited, is headquartered at Signature Business Park in Chembur, Mumbai. The company operates under CIN L66190MH1985PLC037217 and maintains its listing on BSE with scrip code 524046 under the symbol PETPLST.

The resignation represents a significant leadership change for the company, with Mr. Abhinath Shinde continuing in his role as Managing Director with DIN 07076684. The company has indicated that the resignation is solely attributed to the change in control circumstances, with no other material reasons cited for the departure.