Shree Securities Limited has secured board approval to reclassify five shareholders from the promoter and promoter group categories to the public category. The decision, taken on June 15, 2026, follows requests from the shareholders citing a lack of association with the company's operations and the demise of a promoter. The reclassification is subject to approval by the stock exchanges where the company is listed, namely BSE Limited and Calcutta Stock Exchange Limited.

The shareholders seeking the change include Amrita Sharma, Manik Chand Pugalia, Subhash Chandra Dadhich, Faber Trexim Private Limited, and Meghshree Credit Private Limited. The Board noted that Mr. Manik Chand Pugalia, a promoter, expired on December 4, 2024. Consequently, he ceases to be a promoter, and his name must be removed from the promoter category in the shareholding pattern and other statutory records. The other applicants confirmed they do not hold key managerial positions, participate in management, or possess special rights through shareholder agreements.

The applicants affirmed compliance with Regulation 31A(3)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. They stated they do not hold more than 10% of total voting rights, do not exercise control over the company's affairs, and have not been declared wilful defaulters or fugitive economic offenders. The Board observed that the reclassification is consequential in nature and necessitated by the demise of Mr. Pugalia and the lack of involvement of the other applicants in routine business operations.

The Board resolved that the reclassification would be effective subject to the approval of BSE Limited and Calcutta Stock Exchange Limited. Upon receiving necessary approvals, the company will effect the change in the shareholding pattern filed under Regulation 31 of the Listing Regulations from the immediate succeeding quarter. The company will also make necessary disclosures under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and the SEBI (Prohibition of Insider Trading) Regulations, 2015.

Shree Securities Limited shareholders rejected proposals to increase the company's borrowing powers and foreign investment limits during its 32nd Annual General Meeting (AGM) held on June 2, 2026. While the audited financial statements for the financial year ended March 31, 2025, were adopted, resolutions seeking approval for loans under Section 185 and 186 of the Companies Act, 2013, and an increase in the Foreign Portfolio Investor (FPI) limit to 49% were voted down. The meeting was conducted via video conferencing, chaired by Managing Director Bhavya Dhiman, with 79 public shareholders attending through the platform.

Resolutions Passed

The members adopted the audited financial statements for FY25 along with the reports of the Board of Directors and auditors. The Statutory Auditors' Report and Secretarial Audit Report had no qualifications. Additionally, the regularization of the appointment of three non-executive independent directors—Mr. Smit Hasmukhbhai Rachhadiya, Mr. Kishankumar Dhirajlal Tilva, and Mrs. Dimpi Jatin Changela—was approved with a special majority. The company also secured approval for the appointment of M/s Kirti Sharma & Associates as Secretarial Auditor for a term of five years from FY 2025-26 to FY 2029-30.

Resolutions Not Passed

Shareholders voted against three key special resolutions. The proposal to approve loans, guarantees, or securities under Section 185 of the Companies Act, 2013 was not passed. Similarly, the resolution to increase the threshold for loans, guarantees, and investments under Section 186 of the Companies Act, 2013 was rejected. Furthermore, the motion to increase the limit for total shareholding of all registered Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) to 49% of the paid-up equity share capital did not receive approval.

Meeting Details

M/s. Vishakha Agrawal & Associates, Practicing Company Secretary, was appointed as Scrutinizer to supervise the voting process. The total number of shareholders as on the cut-off date of May 26, 2026, was 92,982. The results of the remote e-voting and voting at the AGM were disclosed to the Stock Exchanges and displayed on the company's website.