Saurashtra Cement Limited announced that Sonali Sanas has resigned from her position as Company Secretary and Compliance Officer, effective September 25, 2026. The departure follows her transition to the role of Chief Executive Officer of the company's Paints Division.

The Board of Directors approved the resignation during a meeting held on August 6, 2026. Sanas continued to serve in her previous capacity until September 24, 2026, ensuring a structured handover before ceasing to hold office as Key Managerial Personnel (KMP).

Regulatory disclosures

The intimation was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure confirms that the reason for the change is resignation due to an internal role transition rather than external factors.

Governance implications

The move highlights an internal promotion strategy within the Mehta Group, where Sanas moves from a compliance-focused KMP role to a operational leadership position within a specific business vertical. The filing includes details mandated by the SEBI Master Circular dated January 30, 2026, alongside a copy of the resignation letter submitted by Sanas.

Saurashtra Cement Limited disclosed that Mehta Family Trust indirectly acquired 14.57% of the company's voting rights. This acquisition occurred through Galaxy Technologies Private Limited on September 22, 2026, following an internal family reorganization.

The transaction involved the acquisition of 2,49,999 equity shares, representing 49.99% of the equity share capital of Galaxy Technologies Private Limited, from Jay Mahendra Mehta. Consequently, the trust gained indirect voting rights corresponding to the 1,62,15,400 equity shares held by Galaxy in Saurashtra Cement.

Regulatory Compliance and Exemption

The acquisition was executed under Regulation 29(1) and disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It relied on a specific exemption granted by the Securities and Exchange Board of India via an order dated July 14, 2026 (Reference No. WTM/KCV/CFD/06/2026-27).

This regulatory clearance confirms that the transaction constitutes an internal reorganization within the Mehta family. It does not result in any change in control or management of the target company. The disclosure was signed by Jay Mahendra Mehta, Trustee of the Mehta Family Trust, on September 24, 2026.

Insider Trading Disclosures

Separately, Saurashtra Cement filed disclosures under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. These filings detail the continual disclosure obligations for promoters and designated persons. The disclosures confirm that the indirect acquisition by Mehta Family Trust is an inter se transfer within the family structure.

Mr. Jay Mahendra Mehta, acting as Transferor/Promoter through Galaxy Technologies Private Limited, also submitted Form C detailing the disposal of voting rights equivalent to 1,62,15,400 shares. The transferor holds 43,730 equity shares directly (0.04%), while the beneficial interest in the larger block shifted to the trust. No trading in derivatives was reported for either party during this period.

Impact on Shareholding Structure

The disclosure highlights that while beneficial interest shifted to the trust, the registered ownership remains with Galaxy Technologies. This ensures stability in the public and promoter shareholding patterns.

What the Numbers Show

The data reveals a consolidation of indirect interests without altering the company's capital structure. Before this transaction, the trust held only 100 equity shares directly, representing 0.00% of the total voting capital. Post-acquisition, the trust's total holding stands at 1,62,15,500 shares equivalent, comprising 100 direct shares and 1,62,15,400 indirect shares via Galaxy Technologies.

Crucially, the total equity share capital of Saurashtra Cement remains unchanged at ₹1,11,28,72,800, consisting of 11,12,87,280 equity shares of ₹10 each. The aggregate promoter and promoter group shareholding also remains unaffected at 66.62%, indicating that this move is purely a structural adjustment within the promoter group rather than a change in external ownership dynamics.