Umiya Tubes Limited has informed the stock exchange about receiving reclassification requests from several members of the promoter and promoter group. These individuals are seeking to be reclassified from the ‘Promoter Category’ to the ‘Public Category’ in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has forwarded the details and representations of these applicants for the stock exchange’s record. This move could alter the company’s promoter holding structure.
Reclassification Requests Received
Umiya Tubes Limited has announced that it has received multiple requests from existing Promoters and Promoter group members seeking reclassification. This reclassification is sought from the ‘Promoter Category’ to the ‘Public Category’ under Regulation 31A of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has previously intimated about similar requests and is now providing updated information based on new applications.
Details of Applicants and Rationale
The applicants have submitted detailed reasons and representations to support their request for reclassification. These details, along with the specific applications, have been enclosed with the company’s submission for the information and record of the stock exchange. The reclassification is based on the premise that these individuals no longer meet the definition of ‘Promoter’ as per SEBI regulations, primarily due to holding minimal or no equity shares and not exercising control over the company’s affairs.
Compliance and Regulatory Framework
Each applicant has provided certifications confirming that they, along with related persons, hold less than 10% of the total voting rights, do not exercise control over the company, and do not have special rights or board representation. They have also confirmed they are not willful defaulters or fugitive economic offenders and have no pending regulatory actions against them. The applicants also commit to complying with the conditions stipulated by SEBI for such reclassifications, understanding that failure to do so could result in automatic reclassification back to ‘Promoter’ or ‘Promoter Group’. The company is requesting the Board of Directors to consider and approve these requests and make the necessary applications to the Stock Exchange.
Key Applicants and Their Holdings (as per individual letters)
- Bharatkumar Parasottamdas Patel stated holding NIL Equity Shares.
- Janakba Pravinsinh Vaghela stated holding NIL Equity Shares.
- Bhikhaaji Kacharaji Chavda stated holding 332,368 Equity Shares, representing 2.57% of the issued share capital.
- Beena Bhikhaaji Chavda stated holding NIL Equity Shares.
- Naitik Bhikhusinh Chavda stated holding 90 Equity Shares, representing 0.001% of the issued share capital.
- Bhikhaaji Kacharaji Chavda (HUF) stated holding NIL Equity Shares.
- Naitik Bhikhusinh Chavda (as guardian for Bhikhaaji Kacharaji Chavda HUF) also stated holding NIL Equity Shares.
- Parasben Surendrasinh Vaghela stated holding NIL Equity Shares.
- Patel Saurabhkumar R stated holding NIL Equity Shares.
- Pravinsinh Nathusinh Vaghela stated holding 16,666 Equity Shares, representing 2.57% of the issued share capital.
- Surendrasinh Pravinsinh Vaghela stated holding NIL Equity Shares.
- Patel Ushaben Rameshchandra stated holding NIL Equity Shares.
- Viral Saurabh Patel stated holding NIL Equity Shares.
This collective action indicates a significant shift in the perceived promoter status of these individuals, aligning with regulatory changes and the evolving nature of their involvement with Umiya Tubes Limited.
Source: BSE
