Promoter Amita Poddar sold 6,00,000 equity shares in Mayur Leather Products Limited on June 12, 2026, significantly reducing her stake in the company. The transaction, executed via the open market, decreased her holding from 14.19% to 1.78% of the total voting capital. This divestment impacts the promoter group's shareholding structure in the Jaipur-based firm listed on BSE Limited.

The disclosure was filed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Prior to the sale, Amita Poddar held 6,86,100 shares. Following the disposal of 6,00,000 shares, her remaining stake stands at 86,100 shares. The total equity share capital of the company remains unchanged at 48,34,800 equity shares of ₹10 each.

Shareholding Details

The table below outlines the changes in Amita Poddar's shareholding as per the filing:

The filing identified Rajendra Kumar Poddar and Akhilesh Poddar as Persons Acting in Concert (PAC) with the seller. Amita Poddar serves as the Chairperson of Mayur Leather Products Limited. The company's equity share capital and total voting capital remained constant at 48,34,800 shares before and after the transaction.

Mayur Leather Products Limited reported a net profit of ₹127.37 lakhs for the financial year ended March 31, 2026, entirely attributable to other income as the company generated no revenue from operations. The statutory auditors, M/s Jain Paras Bilala & Co., issued an adverse opinion on the standalone and consolidated financial results, citing material uncertainties related to the company's ability to continue as a going concern and the absence of verified bank records for several accounts.

The board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 28, 2026. The financial statements disclose that the company has not carried out any manufacturing activities during the current or previous financial year. Accumulated losses stood at ₹616.41 lakhs as of March 31, 2026. Despite these conditions, management asserts that the going concern basis of accounting is appropriate, citing future business projections, vendor settlements, and promoter fund infusion as mitigating factors.

Audit Qualifications and Financial Irregularities

The auditors highlighted several material issues, including the continued recognition of land and building amounting to ₹155.16 lakhs that were auctioned by Canara Bank following a loan default. The company has challenged the auction before the Debt Recovery Tribunal (DRT), but no legal opinion was provided to support the continued asset recognition. Additionally, the company disposed of substantially all fixed assets for ₹166.73 lakhs without providing no-dues certificates or charge satisfaction documents for verification.

Other significant qualifications include the non-transfer of unclaimed dividends to the Investor Education and Protection Fund (IEPF) for dividends pertaining to FY 2013-14, 2014-15, and 2015-16. The auditors also noted the absence of actuarial valuation for gratuity and leave encashment liabilities, non-compliance with Ind AS 19, and a lack of physical verification for inventory balances valued at ₹67.35 lakhs.

Key Financial Metrics

The following table summarizes the financial performance for the year ended March 31, 2026:

The trading window for designated persons and their immediate relatives remains closed until 48 hours after the declaration of the financial results. The intimation regarding the board meeting outcome is available on the company's official website.