Reliable Ventures India Ltd announced that its outgoing promoters have been reclassified from the "promoter" category to the "public" category. This change follows the acquisition of 54.08% of the company's voting equity share capital by new promoters, effective September 7, 2026.

The reclassification was executed under Regulation 31A(10)(ii) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The transition was triggered by a Share Purchase Agreement dated June 2, 2026, between the incoming and outgoing promoter groups.

Transaction details and timeline

The incoming promoters, comprising Chennupati Sarath Kumar, Sivanag Vasireddy, and Ancla Technology Solutions India Private Limited, acquired an aggregate of 59,55,815 equity shares from the outgoing promoters. These shares represent 54.08% of the total voting equity share capital.

The transfer process occurred in stages during September 2026:

Out of the total sale shares, 59,54,012 shares were acquired through off-market transfers by September 7, 2026. The remaining 1,803 shares are currently in the process of transfer with the depository participant.

Regulatory compliance and control shift

The incoming promoters assumed control of the company on July 15, 2026, marked by the appointment of their nominees to the Board of Directors. However, the reclassification of the outgoing promoters to the public category is effective from September 7, 2026, which is the date of the actual share transfer.

The outgoing promoters confirmed compliance with Regulation 31A(3)(b) and undertook to comply with Regulation 31A(4) requirements via a letter dated September 26, 2026. Key conditions for this reclassification include:

• Outgoing promoters and related persons hold less than 10% of total voting rights.
• They do not exercise direct or indirect control over company affairs.
• They hold no special rights through shareholder agreements.
• They have no representation on the board or key managerial positions.

What the numbers show

The divergence between the date of control acquisition (July 15, 2026) and the effective date of promoter reclassification (September 7, 2026) highlights the regulatory distinction between de facto control and formal share ownership transfer. While the new management team took charge of the board in mid-July, the legal status of the previous owners remained unchanged until the physical settlement of shares concluded in early September. This gap underscores the procedural lag between operational takeover and administrative reclassification under SEBI norms.

Reliable Ventures India Limited shareholders unanimously approved ten resolutions at their Extraordinary General Meeting held on October 14, 2026. The approvals include a complete restructuring of the Board of Directors and the relocation of the company's registered office.

The meeting, conducted via video conferencing, saw the appointment of Sivanag Vasireddy as Managing Director, Tirumalla Sai Navya as Independent Director, and Chennupati Sarath Kumar and Pradhip Kumar Gogula as Non-Executive Directors. These appointments were passed as special or ordinary resolutions with 100% of votes in favor.

Strategic Relocation and Governance Changes

A significant structural change approved was the shifting of the registered office from Madhya Pradesh to Telangana. This move requires a special resolution under the Companies Act, 2013, which was duly passed by the members present.

The board also secured shareholder approval for several financial powers:

• Increasing borrowing limits under Section 180(1)(c).
• Authorizing the creation of mortgages or charges on assets under Section 180(1)(a).
• Expanding limits for investments, loans, guarantees, and securities.
• Permitting loans and guarantees to entities where directors are interested, subject to Section 185 provisions.

What the Numbers Show

The voting results reveal a highly concentrated shareholder base with minimal public participation. Out of 4,541 shareholders on record, only 33 attended the meeting virtually. Notably, no shareholders voted against any of the ten resolutions, indicating either strong promoter alignment or low retail investor engagement in governance matters.

The total votes polled stood at 4,801,006, representing approximately 43.59% of the total outstanding shares. Promoters and promoter group accounted for 3,800,000 votes (63.80% of their holding), while public non-institutional investors cast 1,001,006 votes (19.79% of their holding). No institutional investors participated in the voting process.

Resolution Summary

The scrutinizer's report confirmed that all resolutions were passed with the requisite majority. The meeting concluded at 11:14 am, excluding the e-voting period.