Paul merchants Limited has submitted its quarterly compliance certificate to BSE Limited, confirming that no securities were received for dematerialization during the quarter ended March 31, 2026. The certificate was filed in accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.

Quarterly Compliance Certificate Details

The company's filing, dated April 9, 2026, was signed by Hardam Singh, Company Secretary and Compliance Officer (FCS 5046). The certificate confirms that based on confirmation received from Alankit Assignments Limited, the company's Registrar and Share Transfer Agent, no securities were processed for dematerialization during the reporting quarter.

Registrar Confirmation

Alankit Assignments Limited, serving as the Registrar and Share Transfer Agent, provided written confirmation on April 4, 2026. The confirmation, signed by Kamal Garg, General Manager, certified that no securities were received for dematerialization during the quarter ended March 31, 2026.

The registrar's certificate also confirmed that all securities which are currently dematerialized remain listed on the stock exchanges, ensuring compliance with regulatory requirements.

Regulatory Compliance

The filing demonstrates Paul Merchants Limited's adherence to SEBI's quarterly reporting requirements under the Depositories and Participants Regulations. The company has fulfilled its obligation to report on dematerialization activities, even when no such activities occurred during the reporting period.

The certificate was distributed to relevant regulatory bodies including National Securities Depository Limited and Central Depository Services (India) Limited, ensuring comprehensive compliance with depositories regulations.

Paul Merchants has received a comprehensive regulatory disclosure from Paul Excursions LLP under SEBI Regulation 10(6) regarding the acquisition of 3,07,065 equity shares representing 9.96% of the company's total voting capital. The disclosure was filed following the conversion of Paul Excursions Private Limited to Paul Excursions LLP.

SEBI Regulatory Framework

Paul Excursions LLP submitted the disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reporting the acquisition made under the exemption provided in Regulation 10(1)(g). The transaction involved succession on conversion from a private company to LLP structure.

Transaction Structure and Rationale

The share transfer occurred pursuant to succession on conversion of Paul Excursions Private Limited into Paul Excursions LLP. The transaction was completed at nil consideration as it represents a structural conversion rather than a commercial transfer. No prior disclosure under Regulation 10(5) was required as succession-based transfers under Regulation 10(1)(g) are excluded from prior-notification mandates.

Shareholding Pattern Analysis

The regulatory disclosure reveals detailed shareholding changes before and after the transaction. The total promoter group holding remains unchanged at 74.65%, with Paul Excursions LLP acquiring the entire stake previously held by Paul Excursions Private Limited.

Entity Information and Management

Paul Excursions LLP operates with LLPIN ACU-9230 and PAN ABIFP8814C, maintaining its registered office at Industrial Plot No. 161, Industrial Area, Phase-II, Chandigarh. The persons acting in concert include promoter group members who continue to hold their respective shareholdings unchanged.