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.

Mankind Pharma , a leading pharmaceutical company in India, has taken a significant step towards corporate social responsibility by establishing a new wholly owned subsidiary named 'Kindcare Foundation'. This development marks a notable expansion of the company's commitment to social welfare and community development.

New Non-Profit Venture

The 'Kindcare Foundation' has been incorporated as a not-for-profit organization, signaling Mankind Pharma's dedication to giving back to society. This move aligns with the growing trend of corporate entities engaging in philanthropic activities and social causes beyond their core business operations.

Commitment to Social Responsibility

By setting up a dedicated non-profit subsidiary, Mankind Pharma demonstrates a structured approach to its corporate social responsibility (CSR) initiatives. The Kindcare Foundation is expected to serve as a vehicle for the company to channel its social impact efforts more effectively and transparently.

Potential Areas of Focus

While specific details about the foundation's activities have not been disclosed, typical areas of focus for pharmaceutical companies' CSR initiatives often include:

• Healthcare accessibility
• Disease awareness and prevention programs
• Community health initiatives
• Medical education and research support

Impact on Stakeholders

This development is likely to be viewed positively by various stakeholders:

• Investors: It showcases the company's commitment to sustainable and responsible business practices.
• Employees: It may boost employee morale and engagement through potential volunteering opportunities.
• Communities: Local communities could benefit from targeted social welfare programs.
• Regulators: It demonstrates compliance with CSR regulations and a proactive approach to social responsibility.

The establishment of the Kindcare Foundation represents a strategic move by Mankind Pharma to formalize and potentially expand its social impact initiatives. As more details emerge about the foundation's specific programs and objectives, stakeholders will gain a clearer picture of how this new entity will contribute to Mankind Pharma's overall social responsibility strategy.