Ugar Sugar Works Limited has formally applied to BSE Limited for promoter reclassification under Listing Regulation 31A, according to a communication dated January 19, 2026. The application represents a significant corporate governance development for the Karnataka-based sugar manufacturing company.

Reclassification Details

The company initially submitted the promoter reclassification application to the exchange on August 10, 2024, along with the requisite fees. The application seeks to reclassify two existing promoters from their current status.

Promoters Seeking Reclassification

The application covers two promoters who currently hold a combined stake of 2.76% in the company:

Corporate Communication

The formal communication to BSE Limited was submitted by Company Secretary Tushar V. Deshpande on behalf of the board of directors. The letter was addressed to the Listing Compliance Monitoring Cell at BSE's Mumbai headquarters, following standard regulatory protocols for such applications.

Company Background

Ugar Sugar Works Limited operates from its works location at Ugar Khurd in Belgaum district, Karnataka, while maintaining its registered office in Mahaveernagar, Sangli, Maharashtra. The company carries the Corporate Identification Number L15421PN1939PLC006738, indicating its incorporation in 1939 as a public limited company.

Ugar Sugar Works Limited has successfully obtained approval from the National Stock Exchange of India (NSE) for the waiver of fines levied against the company for delayed compliance with various SEBI regulations during the second quarter of fiscal year 2025.

Fine Waiver Details

The NSE granted the waiver through its letter dated January 02, 2026, referencing NSE/LIST/SOP/0002. The waiver covers multiple violations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended September 30, 2024.

Exchange Policy Framework

The waiver decision was made in accordance with NSE Circular NSE/CML/2025/35 dated August 26, 2025, which addresses "Processing of waiver applications by the Exchanges in case of commonly listed entities." Under this framework, waiver applications from commonly listed entities are segregated between exchanges, and decisions taken by one exchange are made applicable to similar requests at other exchanges to maintain uniformity.

The NSE's decision was based on the ruling by the designated exchange, BSE Limited, ensuring consistent treatment across both stock exchanges. The matter was reviewed by the relevant authority at NSE, which considered the company's waiver request favorably.

Regulatory Compliance Advisory

As part of the waiver approval, NSE has advised The Ugar Sugar Works Limited to ensure strict compliance with listing regulations and other applicable regulations in the future. The exchange emphasized the importance of timely adherence to SEBI's disclosure and governance requirements.

The company formally communicated this development to both NSE and BSE through a letter dated January 03, 2026, signed by the Company Secretary, requesting that the waiver approval be taken on record by both exchanges.