Classification out of promoter category under Listing Regulations

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Anushka Vohra, Deputy Manager corplaw@vinodkothari.com

In common jargon, promoters are the persons who conceive the idea of incorporating a company and are associated with the company since its inception. In legal parlance, the concept of promoter has been kept open-ended. The definition has been captured under various legislations and has been made inclusive.

The status of a promoter might seem to be dignified and magnificent when looked from a wild blue yonder. However, as the saying, ‘uneasy lies the head, that wears the crown.’; likewise the status of being a promoter brings with itself shedload of liabilities and obligations. It is pertinent to note that once a promoter, always a promoter unless reclassified. Considering the several disclosures that an entity falling under the ambit of promoter / promoter group is required to provide, it is likely for a dormant promoter / promoter group to want to re-classify themselves.

Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides the modus operandi with respect to re-classification of promoter / promoter group shareholding to public category.

There are several aspects to this re-classification. For example, what if the entity intending to re-classify intends to continue to be a shareholder, what if it’s a Trust, is there any exception for married daughters, estranged relations etc.

In this write-up, we have tried capturing the stance of stock exchange / SEBI for matters which have already been preferred for re-classification.

Message for Readers:

We have endeavoured to cover all cases of re-classification occurred between the advent of Regulation 31 A in 2015 till August 05, 2021 but the same cannot be verified. We shall be further updating our list, based on applications made to the stock exchange(s).

We shall also be coming with a consolidated write-up covering the intricacies of Regulation 31A and a detailed analysis on what motivates Promoter’s to reclassify them as public.

 

1.Applications allowed

Sr.No Date of approval Name of the listed entity Outgoing promoter/ promoter group [name] Whether promoter / promoter group (PG) Promoter type (whether director or otherwise) Shareholding at the time of re-classification (%) Rationale given in the application for re-classification
1. June 24, 2021 Fortis Malar Hospitals Limited[1] Malvinder Mohan Singh Promoter Individual NIL Pursuant to SEBI order[2]
Shivi Holdings (P) Limited
RHC Finance Private Limited
Todays Holdings Private Limited
Oscar Investments Limited
Malav Holdings Private Limited
RHC Holdings Private Limited
Fortis Healthcare Holdings Private Limited
2. May 27, 2021 Arvind Limited AML Employee’s Welfare Trust[3] Trust 2.44 No control
3. April 06, 2021 ISMT Limited[4] Tara Jain[5]

 

 Promoter Individual 0.97 The members belong to Ashok Kumar Jain group, the later Promoter Director. After the demise of Mr. Ashok Kumar Jain, none of the family members have been appointed on the Board and do not exercise any control.
Ashok Kumar Jain (HUF) PG

 

 HUF 1.73
Aayushi Jain Individual 0.03
Akshay Jain Individual 0.01
Tulika Estate & Holdings Limited Company 0.37
4. April 05, 2021 Healthcare Global Enterprises[6] Ramesh S Bilimagga Promoter Individual

 

 0.21 No control

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Ganesh Nayak

 

 Promoter 0.22
Venkatesh Sudha PG 0.02
Pradeep Nayak

 

 PG 0.02
Adarsh Ramesh

 

 PG NIL
Gopi Chand Mammillapalli

 

 Promoter 1.44
Gopinath K S

 

 Promoter

 

 0.32
Prakash Nayak

 

 PG 0.05
Srinivas K Gopinath PG NIL
5. April 01, 2021 VXL Instruments Limited[7] M V Nagaraj Promoter Individual 2.39 1.      Leading life and occupation independently;

 

2.      Not connected with any activity of the Company.
6. March 31, 2021 Aarti Industries Limited[8] Dilip Dedhai and Nimesh Dedhai None specified Individuals 0.04 No control
Bhavesh Mehta

 

 Individual 0.04
Bhavesh Mehta and Alka Mehta Individuals 0.10
7. January 28, 2021 Nippon Life India Asset Management Limited[9] Reliance Capital Limited Promoter Company 0.93 Pursuant to Share Purchase Agreement (‘SPA’)
8. January 08, 2021 Mafatlal Industries Limited[10] Vishad Padmanabh Mafatlal Public Charitable Trust Promoter Shareholder- Trust 0.17 No control.
9. December 24, 2020 Jyoti Limited[11] Chirayu Ramanbhai Amin PG Individual NIL Not engaged in day to day affairs
Mayank Nitubhai Amin
10. December 24, 2020 Teamlease Services Limited[12] Dhana Management Consultancy LLP PG LLP 4.99 Not engaged in day to day affairs
Anupama Gupta Promoter Individual 0.02
11. December 15, 2020 Mindtree Limited[13] Krishnakumar Natarajan & family Promoter & PG Individuals

 

 5.00 This re-classification was sought pursuant to takeover of Mindtree by L&T. L&T acquired 60 %

 
Rostow Ravanan & family 0.67
N S Parthasarathy & family 1.43
Subroto Bagchi & family 4.77
LSO Investment Private Limited[14] Promoter

 

 Foreign Company 1.16
Kamran Ozair

 

 Individual

 

 NIL
Scott Staples

 

 NIL
12. December 09, 2020 Birlasoft Limited[15] Shashishekhar Pandit None specified

 

 Individual

 

 NIL

 

 No control.
Nirmala Pandit

 
Chinmay Pandit

 
Kishor Patil

 
Shrikrishna Patwardhan
Ajay Bhagwat
Ashwini Bhagwat jointly held with Mr. Ajay Bhagwat
Sachin Tikekar
Anupama Patil
Proficient Finstock LLP LLP
K and P Management Services Pvt. Ltd. Company
Hemlata Shende Individual
13. November 26, 2020 Ruchi Soya Industries Limited[16] The entire PG was replaced by new set of Promoters – – 0.14 This was pursuant to approval of Resolution Plan under Corporate Insolvency Resolution Process of Ruchi Soya Industries Limited (“the Corporate Debtor”).
14.

 

 November 23, 2020 DFM Foods Limited[17] Mohit Jain None specified. Individual NIL

 

 Entire stake was sold to AI Global Investments (Cyprus) PCC Limited.
Surekha Jain
Rohan Jain
Rashad Jain
The Delhi Flour Mills Company Limited Company
15. November 19, 2020 Aplab Limited[18] Zee Entertainment Enterprises Limited Promoter Company 9.50 Pursuant to termination of shareholder’s agreement
16. October 07, 2020 Igarashi Motors India Limited[19] Mukund P Promoter Individual NIL 1.      Divested his stake on August 28, 2019 in favor of Igarashi Electric Works Ltd, Japan and Agile Electric Sub Assembly Private Limited;

 

2.      Ceased to be MD from October 01, 2019.
MAPE Securities Private Limited Company No control.
17. July 29, 2020 Tourism Finance Corporation of India Limited[20] (TFCIL) Red Kite Capital Private Limited (RCPL) None specified Company 0.17 Sale of entire stake[21]
18. July 13, 2020 Andhra Paper Limited[22] International Paper Investments Luxembourg s.a.r.l. None specified Foreign Company NIL

 

 1.      NIL shareholding;

 

2.      No special rights.
IP International Holdings Inc
19. June 25, 2020 Welspun Group[23] Intech Metals S.A. PG Body Corporte 1.54 1.      Not connected with any activity of the Company;

 

2.      No control over the affairs of the Company.
20. June 24, 2020 XT Global Infotech Limited[24] Velchala Premchand Krishna Rao PG

 

 Individual 0.80 Leading life and occupation independently
V. Radhabai 0.00 Expired on December 25, 2015

 
21. June 12, 2020 Yes Bank[25] Madhu Kapur

 

 Promoter

 

 Individual 1.12 Pursuant to RBI direction.
Rana Kapur

 

 NIL
Yes Capital (India) Private Limited Company

 

 NIL
Mags Finvest Private Limited 0.30
Morgan Credits Private Limited NIL
22. February 26, 2020 Ajmera Realty and Infra India Limited[26] Fahrenheit fun and games Private Limited None specified. Company 7.05 1.      Not involved in the management;

 

2.      No control over the affairs of the Company.
23. February 20, 2020 Essel Propack Limited[27] Ashok Kumar Goel, Trustee of Ashok Goel Trust None specified Trustee 7.67 Pursuant to Share Purchase Agreement (“SPA”)
Goel Ashok Kumar Individual 0.27
Kavita Goel 0.01
Vyoman Tradelink India Private Limited Company 0.06
Pan India Paryatan Private Limited 0.02
Nandkishore Individual NIL
24. January 31, 2020 Innovassynth Investments Limited[28] Futura Polyesters Limited None specified Company NIL Do not want to be associated with the Company.
25. January 29, 2020 Sudarshan Chemical Industries Limited[29] Rohit Kishor Rathi None specified Individual 6.72 No control over the affairs of the Company.
Kishor Laxminarayan Rathi 1.10
Aruna Kishor Rathi 1.10
Laxminarayan Finance Private Limited Company 1.01
26. October 14, 2019 Astra Microwave Products Limited[30] K Murali Mohan None specified. Individual 0.95 No control.
ASSR Reddy 0.34
Lakshmi Reddy Chittepu 0.23
Padmavathi Chfttepu 0.19
Shumlreddy Lakshmi 0.13
Chandrasekara Reddy G 0.06
Subrarnanyam J 0.03
Venkatamma Chittepu 0.00
G  Thulasi Devi 0.00
Narapu Reddy CV 0.00
T.Sitarama Reddy 1.00
27. March 25, 2019 Refex Industries Limited[31] T. Jagdish None specified Individual 0.0478 No control.
Seema Jain 0.5436
28.

.

 September 19, 2019 Redington (India) Limited[32] Harrow Investment Holding Limited Promoter Company NIL Disinvested entire stake in the Company in 2017
29. November 21, 2018 India Gelatine & Chemicals Limited[33] Manorama N. Mirani None specified Individual 0.17 No substantial shareholding
Sunil P. Mirani 1.11
Arjun S. Mirani 0.01
Aditi P. Mirani 0.05
Madhav N. Mirani 0.97
Kishorsinh R. Mirani NIL
Manish K. Mirani NIL
Nayankumar C. Mirani NIL
Rahul C. Mirani NIL
Jash N. Mirani NIL
Nimisha M. Mirani NIL
Hina N. Mirani NIL
Tanmay N. Mirani NIL
Purnima K. Mirani NIL
30. October 19, 2018 Sonata Software Limited[34] Bela M Dalal

 

 None specified Individual 0.21 The aforesaid members have gradually reduced their shareholding over the past few years and current shareholding along with PACs is not more than 5%
Mukund Dharamdas Dalal 0.99
Daltreya Investment & Finance Private Ltd 0.10
Bhupati Investments and Finance Pvt Ltd 1.49
Shyam Bhupatirai Ghia 0.00
31. September 28, 2018 Eicher Motors Limited[35] Arjun Joshi None specified Individual 0.37 1.      Shares were acquired pursuant to transmission during 2017-18;

 

2.      Prior to inheritance they did not fall into Promoter & Promoter Group category;

 

3.      None of them is an immediate relative of any other Promoter.
Nihar Joshi 0.37
Shonar Joshi 0.37
32. September 21, 2018 Electrosteel Steels Limited[36] Electrosteel Castings Limited Promoter Company 45.23 Pursuant to approval of Resolution Plan under IBC, Electrosteel Steels Limited was acquired by Vedanta Star Limited.
33. October 09, 2017 Century Textiles and Industries Limited[37] Ravi Makharia None specified Individual 0.001 Ramavatar Makhari was an Executive Director (ED) of Pilani Investment and Industries Corporation Limited, which is the Promoter of Century Textiles and Industries Limited. Therefore, he had also shown the shareholding of his immediate relatives under Promoter Group category.

 

Further, Ramavatar Makharia ceased to be the ED w.e.f. September 23, 2016. And hence re-classification was sought.
Lakshmi Devi Makharia 0.0032
Ramavatar Makharia 0.0031
34. October 05, 2018 Kalpataru Power Transmission Limited[38] Mohammed Kanga PG Individual NIL No control over the affairs of the Company.
Ishrat Imtiaz Kanga
Imran Imtiaz Kanga
Ismat Imtiaz Kanga
35. March 20, 2017 Adani Ports and Special Economic Zone Limited[39] Rakesh Namanlal Shah Not specified Individual 0.06 No control.
Pritiben Rakeshlal Shah 0.02
Bhavik Bharatbhai Shah 0.00
Surekha Bhavikbhai Shah 0.00
Vinod Sanghavi 0.00

 

2.Applications rejected

 

Sr.No Date of approval Name of the listed entity Proposed outgoing promoter/ promoter group [name] Whether promoter / promoter group (PG) Promoter type (whether director or otherwise) (eg say if trust) Shareholding at the time of re-classification (%) Reason cited by the stock exchange, if any
1. March 18, 2020 ABM Knowledgeware Limited[40] Baburao Bhikunaik Rane Promoter Group

 

 Individual- immediate relative of Promoter KMP

 

 0.02 The Promoter seeking re-classification are holding more than 10% of the voting rights in ABM Knowledgeware Limited.

 
Sunita Baburao Rane 0.01
Sharada Bhushan Rane 0.01

 

3. Applications ongoing

Sr.No Date of making application Name of the listed entity Proposed outgoing promoter/ promoter group [name] Whether promoter / promoter group (PG) Promoter type (whether director or otherwise) (eg say if trust) Shareholding at the time of re-classification (%) Rationale given in the application for re-classification

 
1. August 05, 2021 Axis Bank Limited[41] United India Insurance Company Limited Promoter Company 0.03 1.      Insignificant shareholding;

 

2.      No representative on the board;

 

3.      Have no control over the affairs of the Bank.
National Insurance Company Limited 0.02
New India Assurance Company Limited 0.67
General Insurance Corporation of India 1.01
2. July 12, 2021 Lux Industries Limited[42] Neha Poddar PG Individual- Immediate relative of Promoter 0.17 1.      Their name is included in PG by virtue of they being immediate relative of the Promoter.

2.      They are financially independent and in no way are related to the business carried out by the Company.
Shilpa Agarwal Samriya 0.17
3. July 09, 2021 JK Cement Limited[43] Kavita Y Singhania Promoter Individual 5.01 On demise of her husband
4. June 29, 2021 The Sandur Maganese & Iron Ores Limited[44] Nazim Sheikh PG

 

 Managing Director 0.10 Resignation
U R Acharya Director(Commercial) 0.02
K Raman CFO 0.01
5. June 18, 2021 Arvind Limited[45] Samvegbhai Arvindbhai Lalbhai None specified Individual NIL No control
Anamikaben Samvegbhai Lalbhai
Saumya Samvegbhai Lalbhai
Snehalben Samvegbhai Lalbhai
Badlani Manini Rajiv 0.00
Arvind Farms Private Limited Company NIL
Adore Investments Private Limited
Amardeep Holdings Private Limited
Samvegbhai Arvindbhai HUF HUF
6. April 26, 2021 Jindal Photo Limited[46] Aakriti Ankit Aggarwal None specified Individual NIL No control over the affairs of the Company.
Aakriti Trust Trust
7. April 12, 2021 Strides Pharma Science Limited[47] SeQuent Scientific Limited PG Immediate relative of Promoter KMP NIL Pursuant to SPA, the shares held by Stride were sold to an LLP.
8. April 10, 2021 Sequent Scientific Limited[48] Agnus Capital LLP None specified LLP NIL Pursuant to SPA
9. April 08, 2021 Solara Active Pharma Sciences Limited[49] SeQuent Scientific Limited None specified Company 1.54 Pursuant to SPA
10. May 25, 2021 Shree Cement Limited[50] Padma Devi Maheshwari PG Individual 0.0017 Neither the individual nor the person related to individual, holds more than 1% of the total voting rights.
11. March 09, 2021 Shreyas Shipping and Logistics Limited[51] Mahesh Sivaswamy Promoter Individual NIL 1.      The Promoters had disposed off their entire stake during the period July 2018 to September 2018 by way of gift to other promoters;

 

2.      No control over the affairs of the Company.
Mala Mahesh Iyer
Murli Mahesh
Mithila Mahesh
12. January 22, 2021 Gati Limited[52] Mahendra Kumar Agarwal None specified Individual 1.29 Erstwhile founder and MD of the Company, now has no control
TCI Finance Limited Company 0.82 No control.
Mahendra Investment Advisors Private Limited 0.12
Mahendra Kumar Agarwal & Sons HUF HUF 0.45
Bunny Investments & Finance Private Limited Company 0.22
Jubilee Commercial & Trading Private Limited 0.12
13. January 06, 2021 Integrated Capital Services Limited[53] Ambarish Chatterjee Promoter Individual 0.07 1.      They were the shareholders of Deora Associates Private Limited which merged with Integrated Capital Services Limited w.e.f. September 26, 2018. Pursuant to the merger, the shareholders of Deora Associates Private Limited became shareholders of Integrated Capital Services Limited.

 

2.      They became Promoters by virtue of the merger and have no control over the affairs.
Jai Rani Deora 1.15
Arun Deora[54] 1.12
Rajeev Kumar Deora[55] 6.74
Brijender Bhushan Deora[56] 0.982

Note:

  1. The percentage of shareholding, wherever shown as 0.00% would mean that shares are held but since the amount of shares held is negligible vis-à-vis the total paid-up share capital, the percentage is 0.00;
  2. NIL shareholding means no shares are held in the Company.

Reference to our other articles on similar topic:

  1. https://vinodkothari.com/2020/12/sebi-proposes-liberal-provisions-for-promoter-reclassification/
  2. https://vinodkothari.com/2021/06/sebi-revisits-the-concept-of-promoter/

 

[1] https://www.bseindia.com/xml-data/corpfiling/AttachHis/1224bd10-df95-458f-a82a-a9f7229d36bb.pdf

[2] https://www.sebi.gov.in/sebi_data/attachdocs/mar-2019/1553000134426.pdf

[3] https://www.bseindia.com/xml-data/corpfiling/AttachHis/fdcba980-f25c-4483-a710-d451cfb08a08.pdf

[4] https://www.bseindia.com/xml-data/corpfiling/AttachHis/16958972-8291-4026-a7df-1ef880e5a231.pdf

[5] Wife of Late Mr. Ashok Kumar Jain, former Promoter of the Company.

[6] https://hcgel.com/wp-content/uploads/2021/04/SE-intimation-Promoter-reclassification-06-April-2021.pdf

[7] https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e9eb184-b8e9-4958-b20d-2ef8b216340c.pdf

[8] https://www.aarti-industries.com/Upload/PDF/approval-of-reclassification.pdf

[9] https://www.bseindia.com/xml-data/corpfiling/AttachHis/0e924e6e-2018-40a5-afa2-9882e984ddfb.pdf

[10] https://www.bseindia.com/xml-data/corpfiling/AttachHis/fe5eeda8-626a-49d3-a21e-4923e8a84636.pdf

[11] https://www.bseindia.com/xml-data/corpfiling/AttachHis/02390e16-475f-4941-99f3-d3a922888112.pdf

[12] https://www.bseindia.com/xml-data/corpfiling/AttachHis/491066f3-a579-4ea1-a72d-4e6ce8564643.pdf

[13] https://www.mindtree.com/sites/default/files/2020-12/235IntimationonReclassificationapplicationsapproval.pdf

[15] https://www.birlasoft.com/sites/default/files/resources/downloads/investors/intimation-of-the-approval-of-the-stock-exchanges-for-reclassification-of-promoters.pdf

[16] http://www.ruchisoya.com/stock_exchange/Approvals_form_BSE___NSE_for_Promoters_classification__1_.pdf

[17] http://www.dfmfoods.com/download/investors/Intimation-of-Approval-of-Stock_Exchanges-for-Reclassification-of-Outgoing-Promoters.pdf

[18] https://www.bseindia.com/xml-data/corpfiling/AttachHis/66abdb7d-4257-478f-9dc8-ee38315844b1.pdf

[19] https://www.bseindia.com/xml-data/corpfiling/AttachHis/ff9326d6-c22d-4a06-9dc3-dc2f628dee76.pdf

[20] https://www.tfciltd.com/public/investor/160224589357-TFCIReclassApproval290720.pdf

[22] https://www.andhrapaper.com/uploads/investors/1626162587ApprovalsfromSEforreclassificationofPromoters.pdf

[23] https://www.bseindia.com/xml-data/corpfiling/AttachHis/ece3265f-9040-4b46-b2a2-33afd5890b8f.pdf

[24] https://www.valueresearchonline.com/downloads/stock-announcement/D57DFE0F-AEFD-40AD-89DC-64B185E5F8AD/

[25] https://www.yesbank.in/pdf/promoter_reclassification_stock_exchange_approval_pdf

[26] https://www.bseindia.com/xml-data/corpfiling/AttachHis/56b8219e-d087-4739-bda1-5397a359e058.pdf

[27] https://www.bseindia.com/xml-data/corpfiling/AttachHis/3cfdd742-3061-44cc-a3c6-e332c41bb130.pdf

[28] https://www.bseindia.com/xml-data/corpfiling/AttachHis/7307deb5-0f51-48d0-9b4a-f546c525d863.pdf

[29] https://www.sudarshan.com/perch/resources/sudarshan-approval-to-application-for-promoters-reclassification-klr-group.pdf

[30] https://www.bseindia.com/xml-data/corpfiling/AttachHis/e40baa8a-828d-41fe-b4f3-7af24e64c7b9.pdf

[31] https://www.bseindia.com/xml-data/corpfiling/AttachHis/abac5973-e866-4a5d-8cf8-68f462ded13e.pdf

[32] https://redingtongroup.com/wp-content/uploads/2019/09/HarrowReclassificationapproval.pdf

[33] http://www.indiagelatine.com/financial/Reclassification%20approval%20by%20BSE_21.11.pdf

[34] https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/d9b5e05c-3085-4155-b315-4edcdc0fd1c1.pdf

[35] https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/9/876a9088-9393-4e2e-9b5d-d09ddd3f8ca4.pdf

[36] https://www.eslsteel.com/investor-relations/pdf/lodr-26sep18a.pdf

[37] https://www.centurytextind.com/assets/pdf/news-and-events/reclassification-under-regulation-sebi.pdf

[38] https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/da115de5-ff37-420f-8975-e3bd10d73753.PDF

[39] https://www.adaniports.com/-/media/Project/Ports/Investor/corporate-governance/Corporate-Announcement/other-intimation/11420032017Update-on-reclassification-for-promoter-group.pdf?la=en

[40] https://www.valueresearchonline.com/downloads/stock-announcement/416C36C1-0DA3-4A5A-BDE8-BB60AEA1FD05/

[41]https://www.axisbank.com/docs/default-source/corporate-announcements/material-events-disclosed-under-sebi-(listing-obligations-and-disclosure-requirements)-regulations-2015/2020-2021/submission-of-application-for-promoter-reclassification-05-08-2021.pdf

[42] https://www.bseindia.com/xml-data/corpfiling/AttachHis/f32e9326-71bb-4bbe-940a-1e2dda2c5ed5.pdf

[43] https://www.bseindia.com/xml-data/corpfiling/AttachLive/43f432f7-a179-4fc3-8c45-fe02834f6e06.pdf

[44] https://www.sandurgroup.com/doc/21-06-29-Ltr2Bse-Intimation-under-Reg-30-and-31A-BM-reclassification-from-Promoter-to-Public.pdf

[45] https://www.moneycontrol.com/livefeed_pdf/Jun2021/ff77f16f-f738-4da1-80ed-8f09b8144312.pdf

[46] https://www.bseindia.com/xml-data/corpfiling/AttachHis/fb767238-c630-4908-bb6a-220c9e8abec8.pdf

[47] https://www.bseindia.com/xml-data/corpfiling/AttachHis/234a75e4-8668-4cc0-be1b-54de843a9447.pdf

[48] https://www.bseindia.com/xml-data/corpfiling/AttachHis/3259619c-6041-4ebf-aa06-eda0173eb68f.pdf

[49] https://www.bseindia.com/xml-data/corpfiling/AttachHis/295e848a-1943-48d5-ba67-3fa699d2e5b6.pdf

[50] https://www.bseindia.com/xml-data/corpfiling/AttachHis/3148e1be-41fe-44ac-971d-e65f36221854.pdf

[51] https://www.bseindia.com/xml-data/corpfiling/AttachHis/ecae4e2e-77cc-4b1b-bb2f-5485af0af388.pdf

[52] https://www.bseindia.com/xml-data/corpfiling/AttachHis/f67f33ba-8c77-4458-b0ae-6160022abdc1.pdf

[53] https://www.bseindia.com/xml-data/corpfiling/AttachHis/bbda8d1c-e076-4fe4-9a3b-b91da3707016.pdf

[54] Held office as a NED from July 25, 2007 and resigned on October 12, 2018.

[55] NRI and permanently settled in Australia, not connected directly / indirectly.

[56] Held office as a NED and Chairman from July 25, 2007 and resigned from office on June 19, 2020.

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