Padam Cotton Yarns Ltd Board Considers Promoter to Public Reclassification Requests

The Board of Directors of Padam Cotton Yarns Ltd considered and approved the requests received from eight promoters to reclassify them from the 'Promoter' to 'Public' category. The approval is subject to necessary approvals from the Stock Exchange and other authorities as required by Regulation 31A of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The promoters hold no shares and do not control or have special rights in the company. They also do not have representation on the Board, act as key managerial persons, or are wilful defaulters or fugitive economic offenders. The promoters have confirmed that they do not control the company's affairs, have no shareholder agreements, do not have voting rights, and are not involved in the company's day-to-day affairs or business decisions. The promoters undertake to comply with the conditions mentioned in Regulation 31A of the SEBI LODR Regulations, 2015 for a period of not less than three years from the date of such reclassification. The Board's approval is subject to the approval of the members, BSE Limited, and/or any other necessary approvals.