Sudarshan Chemical Industries Limited , a leading pigment manufacturer, has announced a significant change in its shareholding structure following shareholder approval for the reclassification of certain promoter group members to the public category.

Shareholder Approval via Postal Ballot

The company informed the stock exchanges that it has received shareholder approval through a postal ballot for the reclassification of specific individuals from the 'Promoter/Promoter Group' category to the 'Public' category. This move is in line with Regulation 31A(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Individuals Reclassified

The reclassification applies to the following individuals:

1. Mr. Pradeep Ramwilas Rathi
2. Mr. Rahul Pradeep Rathi
3. Mrs. Subhadra Pradeep Rathi

Shareholding Impact

The reclassification significantly alters the company's shareholding structure:

Mr. Pradeep Ramwilas Rathi holds 34,24,740 shares (4.36% of the company), while Mr. Rahul Pradeep Rathi owns 30,23,859 shares (3.85%). Mrs. Subhadra Pradeep Rathi does not hold any shares in the company.

Regulatory Compliance

Sudarshan Chemical Industries Limited has stated that this reclassification is in compliance with Regulation 31A(8) of the SEBI Listing Regulations, 2015. The company has duly informed the stock exchanges about this development.

Management Statement

Mandar Velankar, General Counsel and Company Secretary of Sudarshan Chemical Industries Limited, confirmed the shareholder approval and subsequent reclassification in the company's communication to the stock exchanges.

This reclassification marks a significant shift in Sudarshan Chemical's ownership structure, potentially impacting the company's governance and public perception.

Sudarshan Chemical Industries Limited , a prominent player in the chemical industry, has received shareholder approval for a significant change in its ownership structure. The company announced that its shareholders have approved the reclassification of certain individuals from the Promoter/Promoter Group category to the Public category through a postal ballot.

Key Details of the Reclassification

The reclassification affects three key individuals:

1. Mr. Pradeep Ramwilas Rathi (4.36% shareholding)
2. Mr. Rahul Pradeep Rathi (3.85% shareholding)
3. Mrs. Subhadra Pradeep Rathi (no shares)

This move results in a substantial shift in the company's shareholding pattern:

• Promoter shareholding decreases from 16.40% to 8.19%
• Public shareholding increases from 83.60% to 91.81%

The total shares involved in the reclassification represent 8.21% of the company's equity.

Voting Results

The resolution for reclassification was passed with an overwhelming majority. According to the scrutinizer's report:

• 91.50% of the total votes were cast in favor of the resolution
• 8.50% of the votes were against the proposal

The voting pattern across different categories was as follows:

Implications and Compliance

This reclassification aligns with regulatory requirements and reflects changes in the company's ownership structure. The move is subject to necessary approvals and complies with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Sudarshan Chemical Industries Limited conducted the voting process through remote e-voting, in line with the current regulatory framework and COVID-19 related circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

This development marks a significant change in Sudarshan Chemical Industries' ownership structure, potentially impacting its governance and public perception. Investors and market watchers will likely keep a close eye on any further developments or strategic shifts following this reclassification.