VCU Data Management Limited, a company listed on the Bombay Stock Exchange (BSE), has taken significant steps in restructuring its corporate structure. The company announced that it has received a no-objection certificate from BSE Limited for the reclassification of Mr. Sanjay Vardhan from the Promoter Group to the Public Category.

Key Details of the Reclassification

• Approval Status: BSE has granted no-objection based on VCU's application.
• Regulatory Framework: The reclassification falls under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Next Steps: The reclassification is subject to shareholder approval in a member meeting.

New Reclassification Request

In a related development, Shripal Kantilal Bafna, holding 15,34,000 equity shares in VCU Data Management Limited, has applied to the company's Board of Directors for reclassification from promoter category to public shareholder category. Bafna states he has no direct or indirect control over the company's affairs or decision-making processes.

Details of Bafna's Application

In his application, Bafna confirms that:

• He and persons acting in concert hold less than ten percent of total voting rights
• He exercises no control over company affairs
• He has no special rights through shareholder agreements
• He is not represented on the Board of Directors
• He does not act as a Key Managerial Person
• He is not a willful defaulter
• He is not a fugitive economic offender

The request seeks approval under Regulation 31A of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, with undertakings to comply with specified conditions for at least three years post-reclassification.

Implications of the Reclassifications

Once approved by shareholders, Mr. Sanjay Vardhan will no longer be part of the Promoter and Promoter Group of VCU Data Management Limited. Similarly, if Shripal Kantilal Bafna's request is approved, it will further alter the company's promoter structure. These moves could potentially impact the company's shareholding structure and governance dynamics.

Compliance Requirements

VCU Data Management Limited is required to ensure compliance with subsequent relevant disclosures related to these reclassifications. The company must adhere to the applicable provisions of Regulation 31A of SEBI (LODR) Regulations, 2015, which govern such reclassifications.

Company Background

VCU Data Management Limited, with its registered office in Mumbai, operates under the CIN: L74999MH2013PLC240938. The company's shares are traded on the BSE under the scrip code 536672.

VCU Data Management Limited has announced its unaudited financial results for the quarter ended June 30, 2020, along with several key board decisions. The company's performance reflects the challenges posed by the COVID-19 pandemic during the pre and post lockdown period.

Financial Performance

For the quarter ended June 30, 2020, VCU Data Management reported:

These figures are on a standalone basis and indicate that the company managed to maintain profitability despite the challenging economic conditions.

Board Decisions and Management Changes

The board of VCU Data Management has approved several important decisions:

Reappointment of Key Directors

• Mr. Shripal Bafna has been reappointed as Managing Director for a term of 5 years.
• Mrs. Renuka Bafna has been reappointed as Whole Time Director, also for a 5-year term.
• Both reappointments are effective from September 29, 2020, subject to shareholder approval.

Change of Registered Office

The company has shifted its registered office to: 301, Rajdeep Building, Tara Temple Lane, Lamington Road, Mumbai.

Impact of COVID-19

VCU Data Management acknowledged that its revenues and earnings were impacted during the pre and post lockdown period due to the COVID-19 pandemic. However, the company has taken proactive steps to assess its financial position:

• The management has evaluated the company's liquidity position.
• Future cash flow projections have been analyzed based on current economic indicators.

These assessments are crucial for navigating the uncertain economic landscape created by the pandemic.

Outlook

While the company faces challenges due to the ongoing global health crisis, the reappointment of key directors suggests a focus on maintaining leadership stability. The board's decision to retain Mr. Shripal Bafna and Mrs. Renuka Bafna in their respective roles for extended terms may indicate confidence in the current management's ability to guide the company through these turbulent times.

VCU Data Management's ability to generate revenue and maintain profitability, albeit at modest levels, during a quarter heavily impacted by COVID-19 restrictions, demonstrates some resilience in its business model. However, the company will likely continue to face headwinds as the economic effects of the pandemic persist.