Promoter Reclassification16 Jul 2026, 05:00 pm
Star Cement Promoter Reclassification Application Rejected by Exchanges
AI Summary
Star Cement Ltd announced that it has received communication letters from BSE Limited and NSE Limited regarding its application for reclassification of certain promoters to the public category under Regulation 31A of SEBI (LODR) Regulations, 2015. The exchanges have rejected the application because it was not accompanied by individual request letters from the promoters seeking reclassification, as mandated by Regulation 31A(3)(a). The company's board had independently assessed that the conditions under Regulation 31A(3)(b) were met, but the procedural requirement of promoter requests was missing. Consequently, the application has been disposed of.
Key Highlights
- BSE and NSE rejected Star Cement's promoter reclassification application.
- Application lacked required individual promoter request letters.
- Rejection based on non-compliance with SEBI LODR Regulation 31A(3)(a).
- Company's independent assessment of conditions was insufficient.
- The matter is now disposed of by the exchanges.
Price Impact
More from STARCEMENT