BSE Limited and National Stock Exchange of India Limited have approved the reclassification of eight individuals from the promoter group to the public category at Shalimar Paints . The stock exchanges issued no-objection letters on August 03, 2026, finalizing a request submitted by the company on January 17, 2026. This regulatory change alters the shareholding structure classification for these specific entities, impacting how their holdings are reported under listing norms.

The reclassification is executed in compliance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Snehal Saboo, Company Secretary and Compliance Officer of Shalimar Paints Limited, confirmed the receipt of approvals from both exchanges. The company has been instructed to ensure continued compliance with subsequent disclosures regarding material events related to this reclassification.

Shareholders Reclassified

The following eight individuals were moved from the 'Promoter / Promoter Group' category to the 'Public' category:

Current Holding Status

According to Annexure A of the intimation filed with the exchanges, seven of the reclassified shareholders currently hold zero shares in the company. Hina Devi Goyal holds 60 shares, representing 0.0001% of the total equity. The remaining shareholders—Ritu Jhunjhnuwala, Surya Kumar Jhunjhnuwala, Gaurang Surya Jhunjhnuwala, Sarita Devi Jain, Shivang Jhunjhnuwala, Sarika Jhunjhnuwala, and Kusum Mittal—hold no equity stake as per the disclosed data.

Regulatory Implications

The approval from BSE Limited and the National Stock Exchange of India Limited formalizes the change in status for these stakeholders. Under Regulation 31A, such reclassifications require explicit no-objection from the exchanges after reviewing the application. The exchanges, represented by Jayshree Soni and Krishna Rathi for BSE, and Dhaval Shah for NSE, have mandated that the listed entity maintain adherence to all relevant disclosure obligations moving forward.

Copies of the no-objection letters were also communicated to National Securities Depository Limited and Central Depository Services Limited to update their records accordingly.

Shalimar Paints Limited shareholders have approved the reappointment of Mr. Atul Rasiklal Desai as an Independent Director for a second term of three years and the appointment of Mr. Abhijeet Jhawar as a Director. The resolutions were passed through a remote e-voting process which concluded on June 13, 2026, with over 99.9% of votes cast in favour of both proposals. The approvals were sought via a postal ballot notice dated May 11, 2026, under the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The remote e-voting process was conducted by the Scrutinizer, Mr. Ankush Agarwal of M/s. MAK & Co., Company Secretaries. The voting period commenced on May 15, 2026, and concluded on June 13, 2026. The total voting capital of the company as on the cut-off date of May 8, 2026, consisted of 8,37,11,178 equity shares. A total of 6,24,17,679 votes were polled, representing approximately 74.56% of the total voting capital.

Voting Results Summary

The detailed voting results for the two resolutions indicate strong shareholder support. The special resolution for the reappointment of Mr. Desai received 99.978% assent, while the ordinary resolution for the appointment of Mr. Jhawar received 99.978% assent. Promoters and public institutions voted entirely in favour of both resolutions.

Breakdown of Votes Polled

The voting participation was primarily driven by the Promoter and Promoter Group, which accounted for the majority of votes polled. Public Non-Institutional shareholders showed some dissent against both resolutions, with approximately 35% of votes cast by this category being against the proposals.

The Scrutinizer's report confirms that the postal ballot process was conducted in a fair and transparent manner. The results have been declared in accordance with the applicable laws and regulations.