IIRM Holdings India Limited Receives BSE Approval for Promoter Reclassification Under SEBI Regulation 31A

IIRM Holdings India Limited has received formal approval from BSE Limited for the reclassification of certain shareholders from the 'Promoter and Promoter Group' category to the 'Public' category. The approval, bearing reference number LIST/COMP/HG/057/2026-27 and dated May 07, 2026, was received by the company on May 14, 2026. The reclassification was processed pursuant to Regulation 30 and Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, based on an application submitted by the company on March 10, 2026.

Shareholding Pattern: Pre and Post-Reclassification

Despite the reclassification, the overall shareholding structure of the company remains unchanged, as the outgoing promoters held no shares at the time of the approval. The following table summarises the shareholding pattern before and after the reclassification:

Parameter:	Pre-Reclassification	Post-Reclassification
Promoter Shares Held:	3,94,47,909	3,94,47,909
Promoter Holding (%):	57.89%	57.89%
Public Shares Held:	2,86,96,341	2,86,96,341
Public Holding (%):	42.11%	42.11%

Details of Outgoing Promoters

As per Annexure 1 enclosed with the BSE approval letter, the entities reclassified from the Promoter and Promoter Group to the Public category are as follows:

Sr. No.:	Name of Outgoing Promoter	% Shareholding
1.	Rajeev Agarwal	0%
2.	Indu Bala Agarwal	0%
Total:		0%

Both outgoing promoters — Rajeev Agarwal and Indu Bala Agarwal — held zero shares and zero percent shareholding at the time of reclassification. Consequently, the reclassification does not alter the numerical distribution of shares between the promoter group and the public category.

Compliance Advisory Issued by BSE

Alongside the approval, BSE Limited also issued a separate advisory letter (reference no. LIST/COMP/HG/058/2026-27, dated May 07, 2026, Case ID: 261551) to IIRM Holdings India Limited regarding a disclosure delay. As per Regulation 31A(8)(c) of SEBI LODR, the company was required to submit the relevant disclosure to the stock exchanges within 24 hours of submitting its reclassification application — that is, on or before March 11, 2026. However, the disclosure was submitted on April 13, 2026, resulting in a delayed filing. BSE noted that the non-compliance was viewed seriously and advised the company to exercise due diligence and initiate corrective steps to prevent recurrence of such lapses in future compliance obligations.

Post-Approval Obligations

Following the receipt of the approval, IIRM Holdings India Limited is required to:

Disclose the reclassification event to the stock exchanges as a material event in accordance with SEBI LODR provisions
Submit the revised shareholding pattern to the stock exchanges in the prescribed format

The company's registered office is located at 5th Floor, Ashoka My Home Chambers, Sindhi Colony, SP Road, Begumpet, Secunderabad, Hyderabad, Telangana — 500003. The company was formerly known as Sudev Industries Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	+18.99%	+27.26%	+40.92%	+33.84%	+391.28%

IIRM Holdings India Limited has formally notified stock exchanges about its application for reclassifying seven promoters to public category under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the intimation to BSE Limited and The Calcutta Stock Exchange Limited on April 13, 2026.

Promoters Seeking Reclassification

The application covers seven promoters, including both individuals and corporate entities, with varying shareholding patterns:

Sr. No.	Names of Outgoing Promoters	No. of Shares	% of Holding
1.	Mr. Rajiv Agarwal	0	0.00%
2.	Ms. Indu Bala Agarwal	0	0.00%
3.	Ms. Anupma Agarwal (deceased)	2,000	0.00%
4.	Mr. J L Gupta (deceased)	12,000	0.02%
5.	Sudev Constructions Private Limited	3,30,000	0.48%
6.	Sudev Exports Limited	9,08,000	1.33%
7.	Sudev Financial Consultants Private Limited	7,45,000	1.09%

Special Circumstances

The reclassification involves several unique situations that require regulatory attention. Mr. Rajiv Agarwal and Ms. Indu Bala Agarwal fall under an open offer case, while their current shareholding stands at zero. The application also addresses deceased promoters, including Ms. Anupma Agarwal and Mr. J L Gupta, whose cases are governed by specific SEBI regulations.

The three corporate entities—Sudev Constructions Private Limited, Sudev Exports Limited, and Sudev Financial Consultants Private Limited—have been struck off according to records available on the MCA website. These companies collectively hold 19,83,000 shares, representing 2.90% of the total shareholding.

Physical Share Transfer Details

The physical shares held by the promoters have been transferred to the suspense account following the company's share split. The face value was reduced from ₹10 to ₹5 per share, necessitating this administrative transfer for proper record maintenance.

Regulatory Compliance Framework

The company has clarified its interpretation of SEBI regulations regarding deceased promoters. Under Regulation 31A(6)(c), promoters automatically cease to be classified as such upon death. IIRM Holdings had initially considered this cessation as automatic, viewing the reclassification application as procedural rather than requiring separate disclosure under Regulation 31A(8)(c).

The company has assured stock exchanges that necessary steps have been implemented to ensure timely compliance with regulatory requirements in future dealings. This commitment demonstrates the company's focus on maintaining transparent corporate governance practices and adherence to SEBI guidelines.