HMA Agro Industries543929Reclassification update

Board approves reclassification of an outgoing promoter to 'Public' category, subject to stock exchange approval

HMA Agro's board approved a request to reclassify Mr. Wajid Ahmed ("Outgoing Promoter") from the 'Promoter & Promoter Group' category to the 'Public' category.

By ScoutQuest · Fri 16 Oct 2026, 7:18 PM IST · 3 min read

10%Voting rights held by outgoing promoter at date of request

Voting rights held by outgoing promoter at date of request: less than 10%.

Reclassification Request Received: October 03, 2026
Family Settlement Agreement Date: September 20, 2026
Outgoing Promoter Shareholding: NIL equity shares, representing NIL percentage of the paid-up equity share capital

What was approved

The Board of Directors of the Company, at its meeting held on October 15, 2026, considered and approved the request letter received from Mr. Wajid Ahmed ("Outgoing Promoter") on October 03, 2026 for his reclassification from the 'Promoter & Promoter Group' category to the 'Public' category. The request follows a Family Settlement Agreement dated September 20, 2026. The Company had intimated the stock exchanges about the request letter on October 03, 2026. The board's approval is subject to the approval of stock exchanges and/or such other approval, if any, as may be necessary.

What the board noted

The Outgoing Promoter does not hold any equity shares in the Company, representing NIL percentage of the paid-up equity share capital.
As on the date of receipt of the reclassification request, he holds less than 10% voting rights in the Company and does not possess any kind of special rights.
He is not involved in the management of the Company and does not exercise control over its affairs, directly or indirectly.
He neither represents the board of directors (including as a nominee director) nor is acting as a Key Managerial Person.
He is neither a 'wilful defaulter' as per Reserve Bank of India guidelines nor a fugitive economic offender.

What the family settlement says

Under the Family Settlement Agreement dated September 20, 2026 with Mohammad Kamil Qureshi, Zulfiqar Ahmad Qurashi, Mohammad Ashraf Qureshi, Mohammad Mehmood Qureshi and Gulzar Ahmad (the existing promoters of the Company), it has been agreed that the Outgoing Promoter will not hold any shareholding in the Company and will possess no control over its affairs in any manner whatsoever. These five individuals will continue as the promoters of the Company.

Other points the board recorded

The Company is compliant with the Minimum Public Shareholding requirement under Regulation 38 and the proposed reclassification is not being initiated for achieving Minimum Public Shareholding.
Trading in the shares of the Company has not been suspended by the stock exchanges.
The Company does not have any outstanding dues to SEBI, the stock exchanges or depositories.

The board was of the view that the request for reclassification be accepted and approved, in accordance with Regulation 31A, subject to stock exchange approval.

Board meeting duration

The meeting commenced at 03:30 P.M and concluded at 03:46 P.M.

What reclassification means, simply

A company's shareholding is normally split into two buckets: the 'Promoter & Promoter Group' and the 'Public'. Moving a person from the promoter group to the public category changes which bucket that person's shares are counted in. Here, the board has noted that the Outgoing Promoter holds NIL shares, so his reclassification is a change in category, not a transfer of shares. The board has also noted that he is not part of the management, holds no special rights, and is not a director or Key Managerial Person.

What happens next

The board's decision is only one step. The reclassification still needs the approval of the stock exchanges and any other approval that may be necessary. Until such approvals come through, the request remains a proposed reclassification that the board has approved.

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