Mankind Pharma Limited , a prominent player in the Indian pharmaceutical industry, has received a formal request for the reclassification of a key stakeholder from the "Promoter and Promoter Group" category to the "Public" category. This development marks a significant change in the company's ownership structure and could potentially impact its shareholding pattern.

Reclassification Request Details

Ayushi and Poonam Estates LLP, previously classified under the Promoter Group category, has submitted a request to Mankind Pharma for reclassification to the Public category. This request comes in the wake of a complete transfer of ownership within the LLP, shifting control away from the immediate relatives of Mankind Pharma's promoters.

Ownership Transfer

The LLP, which was earlier entirely owned by Mrs. Poonam Juneja and Mrs. Ayushi Juneja Sikri (immediate relatives of Mankind Pharma's promoters), has undergone a significant change in ownership structure. Through a deed of admission, the ownership and control of the LLP have been transferred to Chalet Hotels Limited and Sonmil Industries Private Limited. The new designated partners of the LLP are:

• Mr. Shwetank Singh (nominee of Chalet Hotels Limited)
• Ms. Karuna Nasta (nominee of Sonmil Industries Private Limited)

Implications of the Reclassification

The reclassification request, if approved, would have several implications:

1. Shareholding Pattern: The LLP confirms it does not hold any shares in Mankind Pharma, which simplifies the reclassification process.
2. Control: The LLP asserts that it does not exercise any control over Mankind Pharma's affairs.
3. Board Representation: There is no representation of the LLP on Mankind Pharma's board of directors.
4. Special Rights: The LLP does not possess any special rights in relation to the company.

Next Steps

Mankind Pharma has acknowledged receipt of the reclassification request. The company has stated that this request will be placed before its board of directors in their upcoming meeting for consideration. The reclassification process will require various approvals in accordance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Compliance

The LLP has provided undertakings confirming its compliance with SEBI regulations, including:

• Not holding more than 10% of the total voting rights in Mankind Pharma
• Not exercising control over the company's affairs
• Not having any representation on the Board of Directors
• Not being classified as a 'wilful defaulter' or fugitive economic offender

This reclassification request underscores the dynamic nature of corporate structures and the importance of transparent disclosures in the Indian stock market. Shareholders and market observers will be keenly watching the outcome of this request and its potential impact on Mankind Pharma's shareholding pattern.

Mankind Pharma Limited , a prominent player in the Indian pharmaceutical industry, has received a formal request for the reclassification of a promoter group entity to the public category. This development marks a significant change in the company's shareholding structure and compliance with regulatory requirements.

Request for Reclassification

Ayushi and Poonam Estates LLP, currently classified under the "Promoter and Promoter Group" category in Mankind Pharma's shareholding pattern, has submitted a request to be reclassified as part of the "Public" category. This request comes in the wake of a complete transfer of ownership of the LLP, which was previously owned by immediate relatives of Mankind's promoters.

Change in Ownership

The LLP, which was earlier entirely owned by Mrs. Poonam Juneja and Mrs. Ayushi Juneja Sikri, has undergone a significant transformation. Through a deed of admission, the ownership has been transferred to Chalet Hotels Limited and Sonmil Industries Private Limited. The new designated partners of the LLP are Mr. Shwetank Singh and Ms. Karuna Nasta, representing the new owners respectively.

Rationale for Reclassification

In their formal request, the new owners of Ayushi and Poonam Estates LLP have provided several key reasons for seeking reclassification:

1. No shareholding in Mankind Pharma: The LLP confirms that it does not hold any shares in Mankind Pharma Limited.
2. Lack of control: The entity does not exercise any control over the affairs of Mankind Pharma, either directly or indirectly.
3. No special rights: The LLP does not possess any special rights with respect to Mankind Pharma through formal or informal arrangements.
4. No board representation: There is no representation of the LLP on Mankind Pharma's board of directors.
5. No key managerial personnel: None of the LLP's designated partners or representatives act as Key Managerial Personnel of Mankind Pharma.

Regulatory Compliance

The reclassification request is in accordance with Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The LLP has provided undertakings confirming its compliance with various regulatory requirements, including not being classified as a willful defaulter or a fugitive economic offender.

Next Steps

Mankind Pharma's board of directors will consider this request in their upcoming meeting. The company will also seek all necessary approvals as required by the SEBI regulations. This move is seen as a step towards accurately reflecting the current ownership and control structure of the company.

The reclassification, if approved, will result in a more precise representation of Mankind Pharma's shareholding pattern, aligning it with the actual control and influence exercised by various entities associated with the company.

Investors and market watchers will be keenly observing the outcome of this reclassification request, as it could potentially impact the perception of the company's ownership structure in the market.