Padam Cotton Yarns Limited has received another disclosure from Sachin Govindlal Modi regarding a further reduction in his shareholding under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This latest transaction represents a continued divestment by Modi, who is not part of the company's promoter group.

Latest Transaction Details

Modi executed another share sale through open market transactions on 30/03/2026, just six days after his previous transaction. The disclosure reveals a further reduction in his equity position in the textile company.

Updated Shareholding Position

The recent transaction resulted in another significant change in Modi's ownership structure within Padam Cotton Yarns Limited. His shareholding position has been further reduced following this second divestment within a week.

Transaction History

Modi's recent trading activity shows a pattern of systematic divestment. His previous transaction on 24/03/2026 involved selling 857500 shares, reducing his holding from 3.14% to 2.75%. The latest transaction further reduces his position to 2.27%.

Company Information

Padam Cotton Yarns Limited maintains its equity structure unchanged following these transactions. The company's shares continue to be listed on the Bombay Stock Exchange, providing liquidity for such transactions.

Regulatory Compliance

The disclosure was made in accordance with SEBI regulations governing substantial acquisitions and disposals. Modi confirmed that he does not belong to the promoter or promoter group of Padam Cotton Yarns Limited. The transaction involved only shares carrying voting rights, with no encumbrances, warrants, or convertible securities involved in the disposal.

The formal disclosure was submitted to both the Bombay Stock Exchange and the Board of Directors of Padam Cotton Yarns Limited from Ahmedabad on 30/03/2026, ensuring full regulatory compliance and transparency in the share transaction process.

Padam Cotton Yarns Limited has achieved a significant milestone in its corporate governance restructuring as the Board of Directors approved the reclassification requests from eight promoters on March 27, 2026. The board meeting, held from 6:30 P.M. to 6:45 P.M., formally approved the transition of these promoters from the promoter category to public category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcomes

The Board of Directors considered and approved the reclassification requests under Regulation 30 & 31A of SEBI regulations. The approval is subject to necessary approvals from BSE Limited and other regulatory authorities as required under SEBI regulations. The company has confirmed it will submit a reclassification application along with supporting documents to BSE as required under the prescribed procedure.

Promoters Seeking Reclassification

The following eight promoters have received board approval for reclassification, all currently holding zero equity shares in the company:

Regulatory Compliance and Documentation

All requesting promoters have provided comprehensive undertakings confirming they do not hold more than ten percent of total voting rights, do not exercise control over company affairs directly or indirectly, and have no special rights through formal or informal arrangements. They are not represented on the board of directors, do not act as key managerial persons, are not wilful defaulters as per RBI guidelines, and are not fugitive economic offenders.

The promoters have committed to comply with specific SEBI conditions for three years post-reclassification and have undertaken to abide by all conditions listed in Regulation 31A of the SEBI LODR Regulations, 2015. The board has provided a certified true copy of the Board Resolution for the meeting held on March 27, 2026, as part of the formal documentation process.

Next Steps and Regulatory Process

The company will now submit a reclassification application along with supporting documents to BSE Limited as required under Regulation 31A. The board has confirmed that the company is compliant with minimum public shareholding requirements, trading in shares has not been suspended, and there are no outstanding dues to SEBI, stock exchanges, or depositories.

This development represents a significant corporate governance milestone as the company transitions its promoter structure in compliance with regulatory frameworks, moving from initial request submission to formal board approval and documentation under both Regulation 30 & 31A of SEBI regulations.