Several entities within the promoter group of Nova Iron and Steel Limited have formally requested reclassification to the ‘Public’ category under SEBI regulations. These entities, holding 0% of the total shareholding, stated they do not exercise control or influence over the company’s management or affairs. The request is in line with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and awaits Board consideration.
Promoter Group Entities Seek Reclassification
Nova Iron and Steel Limited has received requests from five entities within its promoter group seeking reclassification from the ‘Promoter Group’ category to the ‘Public’ category. This move is in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The applicants collectively hold 0% of the company’s total shareholding and have certified that they do not hold any shares, voting rights, or investments in the company, nor do they exercise any control or influence over its management or affairs.
Key Applicants and Declarations
The entities making the request include: Shivalikview Steel Trading Pvt. Ltd., Aarti Iron & Power Limited, Rockland Steel Trading (P) Ltd., Reward Capital Services Pvt. Ltd., and Nilanchal Investments Private Limited. All applicants have confirmed that they do not hold more than 10% of the total voting rights, do not exercise control, do not hold management control, are not engaged in day-to-day affairs, and do not possess any special rights with the company or its promoters. They have also declared they are not ‘wilful defaulters’ and have no pending regulatory actions against them.
Regulatory Compliance and Next Steps
These entities have further committed to complying with the conditions stipulated under Regulation 31A (3) of the SEBI Listing Regulations, both immediately following reclassification and for a period of not less than three years. The company will consider these requests at its forthcoming Board Meeting and initiate the necessary process for reclassification, including obtaining approvals from the stock exchange. The date of these requests is November 11, 2026.
Source: BSE
