Excel Industries Limited has received an application from a promoter group member seeking reclassification of status under SEBI regulations. The company informed stock exchanges about this corporate governance development on January 28, 2026.

Reclassification Request Details

Malti D. Bhatia, currently categorized as a promoter group member, has applied for reclassification to public shareholder status under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The application was submitted to Excel Industries' Board of Directors on January 28, 2026.

Regulatory Compliance Confirmations

In her application, Bhatia confirmed compliance with all regulatory requirements for reclassification. She stated that she holds an insignificant shareholding and has no involvement in company activities.

Key compliance confirmations include:

• Does not hold more than 10% of total voting rights
• Does not exercise control over company affairs directly or indirectly
• Has no special rights through formal or informal arrangements
• Not represented on the board of directors
• Does not act as key managerial person
• Not a wilful defaulter per RBI Guidelines
• Not a fugitive economic offender

Additional Undertakings

Bhatia provided several undertakings as part of her reclassification request. She confirmed no pending regulatory action against her and committed to ongoing compliance with SEBI regulations.

The applicant undertook to:

• Continue complying with sub-clauses (i), (ii) and (iii) of Regulation 31A(3) at all times
• Comply with sub-clauses (iv) and (v) conditions for minimum three years from reclassification date
• Accept automatic reclassification as promoter group member if conditions are violated

Stock Exchange Notification

Company Secretary S K Singhvi digitally signed the notification to BSE and NSE on January 28, 2026. The communication referenced BSE Scrip Code 500650 and NSE Scrip Code EXCELINDUS, requesting stock exchanges to take the information on record.

The company has annexed the complete application from the promoter group member for reference and record of both stock exchanges. This reclassification request follows standard corporate governance procedures under SEBI regulations for promoter group restructuring.

Excel Industries , a prominent player in the chemical industry, has announced a significant corporate action involving its wholly-owned subsidiaries. The company disclosed that Kamaljyot Investments Limited (KIL) and Excel Bio Resources Limited (EBRL) have sold their entire stakes in Mobitrash Recycle Ventures Private Limited (MRVPL).

Key Details of the Transaction

• Sellers: Kamaljyot Investments Limited and Excel Bio Resources Limited
• Buyer: Mr. Ashwin C. Shroff (Promoter of Excel Industries)
• Stakes Sold: 19.99% each (1,999 shares per subsidiary)
• Sale Price: Rs. 19,990 per subsidiary
• Transaction Date: November 21, 2025

Impact on Excel Industries

As a result of this divestment, Mobitrash Recycle Ventures Private Limited has ceased to be an associate company of Excel Industries Limited. This change in status became effective from November 21, 2025.

Financial Implications

To provide context on the financial impact of this divestment, here's a breakdown of MRVPL's contribution to Excel Industries' financials for the fiscal year ending March 31, 2025:

Related Party Transaction

The company has confirmed that this transaction falls under the category of a related party transaction, as the buyer, Mr. Ashwin C. Shroff, is a promoter of Excel Industries. However, the company has stated that the transaction was conducted at arm's length.

Regulatory Compliance

Excel Industries has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also adhered to the SEBI Master Circular dated July 11, 2023, as modified on July 13, 2023, regarding disclosure requirements.

This strategic move by Excel Industries to divest its indirect stake in Mobitrash Recycle Ventures may be part of the company's efforts to streamline its investment portfolio. Investors and market watchers will likely be keen to observe how this divestment impacts Excel Industries' future financial performance and strategic direction.