Business Update16 Feb 2026, 06:31 pm
Universal Starch Chem Allied Ltd Withdraws Reclassification Application of Promoter Jayendrasinh Desai
AI Summary
Universal Starch Chem Allied Ltd has withdrawn the reclassification application of Mr. Jayendrasinh Desai from 'Promoter/Promoter Group' to 'Public' category. The decision was made after observing that the condition of not holding more than 10% of the total voting rights was not satisfied, as the aggregate shareholding exceeded the prescribed threshold. The company will not proceed with the application until compliance with all applicable conditions under Regulation 31A is ensured.
Key Highlights
- Universal Starch Chem Allied Ltd withdraws reclassification application of Mr. Jayendrasinh Desai
- Reclassification application withdrawn due to non-compliance with Regulation 31A(3)(b) conditions
- Mr. Jayendrasinh Desai's shareholding exceeds the prescribed 10% voting rights threshold
- Company to ensure compliance with all applicable conditions under Regulation 31A before proceeding with the application
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