Maha Kosh Papers Private Limited has completed the sale of its entire shareholding in Sarthak Industries Limited, disclosing the transaction under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Mumbai-based company divested all 4,26,100 shares, representing 4.59% of the total voting capital of Sarthak Industries Limited.

Transaction Details

The complete divestment was executed through open market transactions over three days in March 2026. The sale was structured in multiple tranches to ensure orderly execution:

Pre and Post Transaction Holdings

Prior to the sale, Maha Kosh Papers Private Limited held 4,26,100 shares carrying voting rights in Sarthak Industries Limited, representing 4.59% of both the total share capital and diluted share capital. The company had no encumbrances, voting rights other than shares, or convertible instruments in the target company.

Company Information

Sarthak Industries Limited is listed on BSE Limited, with an equity share capital of Rs. 9,29,18,000 comprising 92,91,800 equity shares of Rs. 10 each. The company's share capital structure remained unchanged following the transaction.

Maha Kosh Papers Private Limited, incorporated in 1981 and headquartered in Church Gate, Mumbai, operated as a promoter group entity in relation to Sarthak Industries Limited. The disclosure was signed by Narendra R. Gadekar, Director (DIN: 03019790), confirming the complete exit from the investment.

Regulatory Compliance

The transaction disclosure fulfills the requirements under Regulation 29(2) of SEBI regulations, ensuring transparency in substantial shareholding changes. The open market sale mechanism provided liquidity to other investors while maintaining orderly price discovery during the divestment process.

Sarthak Industries Limited has issued a clarification regarding an incorrect regulatory filing submitted by its promoter group member, Maha Kosh Papers Private Limited (MPPL), on March 18, 2026. The company has confirmed that the previously reported disposal of 73,900 equity shares was filed in error and has been formally withdrawn.

Error Clarification Details

The clarification reveals that the original transaction disclosure was mistakenly prepared for the wrong company:

Company Response

Sarthak Industries Limited, through Company Secretary and Compliance Officer Riya Bhandari (Jain), submitted the clarification to BSE Limited on March 24, 2026. The company confirmed that the incorrect intimation was submitted under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Prohibition of Insider Trading Regulations, 2015.

The company has requested BSE Limited to treat the earlier submission as withdrawn and incorrect, acknowledging the inconvenience caused by the filing error.

Promoter Group Explanation

Maha Kosh Papers Private Limited provided a detailed explanation for the error in their rectification letter dated March 24, 2026. Director Narendra R. Gadekar (DIN: 03019790) confirmed that the company holds shares in both Sarthak Industries Limited and Anik Industries Limited under the promoter group category.

The confusion arose during documentation preparation, with no intention to misreport or mislead stakeholders. MPPL has assured that necessary precautions have been implemented to prevent similar errors in the future.

Current Shareholding Status

Following the clarification, Maha Kosh Papers Private Limited's shareholding in Sarthak Industries Limited remains unchanged:

The company has confirmed that MPPL has submitted fresh and accurate intimation regarding the actual transaction in Anik Industries Limited to the appropriate regulatory authorities and compliance officers.