Sumeet Industries Limited has received approval from the National Stock Exchange of India Limited for the reclassification of 16 erstwhile promoters from Promoter Group to Public category. The approval was granted under Regulation 31A(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, vide letter No. NSE/LIST/COMP/SUMEETINDS/545 dated January 28, 2026.

NSE Approval Details

The exchange granted approval for the reclassification application dated November 26, 2025, allowing the transition of promoters and promoter group entities to public shareholder status. The approval encompasses both individual promoters from the Somani family and several private limited companies that were previously classified under the promoter group category.

Reclassified Promoter Entities

The reclassification covers 16 entities, including 10 individual promoters from the Somani family and 6 corporate entities. All the reclassified entities currently hold nil shares in the company.

Individual Promoters:

• Shankarlal Sitaram Somani
• Gangadevi Shankarlal Somani
• Sumandevi Somani
• Sushil Shankarlal Somani
• Sumeet Shankarlal Somani
• Neelam Sushil Somani
• Manisha Sumeet Somani
• Rajkumar Sitaram Somani
• Rakesh Rajkumar Somani
• Ritesh Rajkumar Somani

Corporate Entities:

• Siddhipriya Poly Fab Private Limited
• Sitaram Prints Private Limited
• Somani Overseas Private Limited
• Betex India Limited
• National Poly Yarn Pvt Ltd
• Ambaji Syntex Pvt Ltd

Warning Letter for Non-Compliance

Alongside the approval, NSE issued a warning letter vide letter No. NSE/LIST/COMP/SUMEETINDS/545/2025-26 dated January 28, 2026, for non-adherence to disclosure timelines. The exchange observed that while the company submitted the reclassification application on November 26, 2025, the required disclosure was made only on January 20, 2026.

Regulation 31A(8)(c) mandates that submission of application for re-classification of status as promoter/public must be disclosed to stock exchanges within 24 hours from the occurrence of the event. The company has acknowledged the warning and committed to ensure strict compliance with SEBI LODR Regulations and other applicable laws going forward.

Compliance Requirements

NSE has directed the company to ensure compliance with subsequent relevant disclosures of material events related to this reclassification, in accordance with the applicable provisions of Regulation 31A of SEBI LODR Regulations. The company is required to maintain due diligence in future regulatory filings and exercise caution to avoid recurrence of such compliance lapses.

Sumeet Industries Limited has formally applied to stock exchanges for the reclassification of 16 erstwhile promoters from the "Promoter and Promoter Group" category to "Public" category. The application has been submitted under Regulation 31A(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, following a resolution plan approved under the insolvency framework.

Regulatory Framework and Background

The reclassification application is made pursuant to a Resolution Plan approved under section 31 of the Insolvency Code 2016, which received approval from the Hon'ble National Company Law Tribunal (NCLT). This regulatory process allows companies to restructure their promoter classifications following insolvency resolution procedures.

Entities Seeking Reclassification

The company has provided a comprehensive list of all erstwhile promoters seeking reclassification. The list includes both individual promoters and corporate entities, all of whom currently hold no shares in the company.

Individual Promoters

Corporate Entities

Current Shareholding Status

A notable aspect of this reclassification is that all 16 erstwhile promoters and promoter group entities currently hold nil shares in Sumeet Industries Limited. This zero shareholding status across all entities seeking reclassification indicates a complete divestment from their previous promoter positions, likely as part of the insolvency resolution process.

Compliance and Documentation

The application has been formally submitted to both BSE Limited and National Stock Exchange of India Limited, with proper documentation and compliance with SEBI regulations. Company Secretary and Compliance Officer Anil Kumar Jain has signed the intimation letter, ensuring adherence to corporate governance requirements and regulatory protocols.