Maha Rashtra Apex Corporation Limited has received a formal request for promoter reclassification under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed stock exchanges on April 10, 2026, about receiving the reclassification request from a promoter seeking to move from promoter category to public shareholder status.

Reclassification Request Details

The request was submitted by T Satish U Pai on April 09, 2026, seeking reclassification under Regulation 31A of SEBI LODR Regulations. The shareholding details of the requesting promoter are presented below:

Grounds for Reclassification

In his formal letter to Company Secretary Jamsheed M Panday, T Satish U Pai outlined several grounds supporting his reclassification request. He stated that he does not exercise any control over company affairs, either directly or indirectly, and is not involved in company management in any capacity. The promoter emphasized that he holds no special rights through shareholders' agreements and is not represented on the Board of Directors or serving as Key Managerial Personnel.

Pai referenced his minimal shareholding of 120 equity shares as reflected in the company's annual report for FY 2024-25 and the latest shareholding pattern as of December 31, 2025. He argued that such limited shareholding does not confer control, management rights, or ability to influence company affairs.

Regulatory Compliance Framework

The reclassification request falls under Regulation 31A of SEBI LODR Regulations, which provides a framework for reclassifying promoter/promoter group entities as public shareholders. The regulation requires fulfillment of prescribed conditions including absence of control, minimal shareholding, and non-involvement in management.

Pai cited multiple regulatory provisions supporting his case:

• Section 2(69) of the Companies Act, 2013 defining "promoter"
• Regulation 31A(3)(b) of SEBI LODR Regulations for reclassification eligibility
• Regulation 2(1)(oo) and 2(1)(pp) of SEBI ICDR Regulations defining "promoter" and "promoter group"

Company's Response and Next Steps

Maha Rashtra Apex Corporation confirmed it will undertake necessary steps in compliance with Regulation 31A of the Listing Regulations. The company stated that the reclassification request will be considered by the Board of Directors in their next board meeting.

The promoter has requested the company to complete several actions within 15 days of receiving his letter, including placing the request before the Board of Directors, making requisite applications to stock exchanges, informing applicable regulators including RBI, and making accurate corrective disclosures in shareholding patterns.

Regulatory Intimation

The company's intimation to BSE Limited and National Stock Exchange of India Limited was made in compliance with Regulation 31A(8) of SEBI LODR Regulations, 2015. The notification included the copy of the request letter received from the promoter as an attachment to the formal communication.

Maha Rashtra Apex Corporation Limited has formally notified BSE and NSE that it does not qualify as a 'Large Corporate' under the Securities and Exchange Board of India's regulatory framework for the financial year 2026.

SEBI Compliance Disclosure

The company submitted its compliance confirmation on April 10, 2026, addressing SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. This circular defines criteria for identifying 'Large Corporate' entities and establishes specific regulatory requirements for such companies.

Company Secretary and Compliance Officer Jamsheed M Panday digitally signed the disclosure documents, confirming the company's status for the financial year ended March 31, 2026.

Key Financial Parameters

The company provided detailed information in the prescribed Annexure-A format as required by the SEBI circular:

Regulatory Framework Context

The SEBI circular establishes specific thresholds and criteria for identifying 'Large Corporate' entities, which are subject to enhanced regulatory oversight and compliance requirements. Companies falling under this definition must adhere to additional disclosure norms and regulatory provisions.

Maha Rashtra Apex Corporation Limited's confirmation indicates it does not meet the quantitative or qualitative parameters outlined in the November 26, 2018 circular for the financial year 2026.

Corporate Information

The company, established in 1943, operates from its registered office at Manipal Centre, Dickenson Road, Bengaluru. The disclosure was simultaneously submitted to both major Indian stock exchanges where the company's shares are listed.