Board approves reclassification of Wajid Ahmed from promoter group to public category
HMA Agro Industries' Board met on October 15, 2026 and approved the request to reclassify Mr. Wajid Ahmed from the 'Promoter & Promoter Group' category to the 'Public' category.
By ScoutQuest · · 3 min read
- Board Meeting Date
- October 15, 2026
- Reclassification Requested
- from the 'Promoter & Promoter Group' category to the 'Public' category
- Outgoing Promoter Shareholding
- NIL percentage of the paid-up equity share capital
Board clears a promoter-group reclassification request
The Board of Directors of HMA Agro Industries Ltd, at its meeting held on October 15, 2026 (commenced 03:30 P.M, concluded 03:46 P.M), considered and approved the request letter received from Mr. Wajid Ahmed, described in the update as the "Outgoing Promoter", for his reclassification from the 'Promoter & Promoter Group' category to the 'Public' category under Regulation 31A of the Listing Regulations. The approval is subject to the approval of the stock exchanges and any other approval that may be necessary.
Background of the request
- The request letter was received on October 03, 2026, and was made pursuant to a Family Settlement Agreement dated September 20, 2026.
- The company informed BSE Limited and National Stock Exchange of India Limited about the request on October 03, 2026.
- The Family Settlement Agreement was entered into with Mohammad Kamil Qureshi, Zulfiqar Ahmad Qurashi, Mohammad Ashraf Qureshi, Mohammad Mehmood Qureshi and Gulzar Ahmad, described as the existing promoters of the company.
What the Board recorded about the outgoing promoter
- He 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 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 acts as a Key Managerial Person.
- He is neither a 'wilful defaulter' as per Reserve Bank of India guidelines nor a fugitive economic offender.
- Under the Family Settlement Agreement, it has been agreed that he will not hold any shareholding in the company and will possess no control over its affairs in any manner whatsoever, and the five named persons will continue as the promoters.
Other points noted by the Board
- 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 company's shares has not been suspended by the stock exchanges.
- The company does not have any outstanding dues to SEBI, the stock exchanges or depositories.
How to read this
Reclassification decides whether a person is counted as part of the promoter group or as public. In this case the person seeking reclassification holds NIL equity shares, so the change relates to his category rather than to any block of shares moving from promoter hands into public hands. The update also states that the exercise is not a route to meet the minimum public shareholding requirement, and says the five existing promoters will continue as promoters of the company.
The decision on the request now rests with the stock exchanges, whose approval the Board's decision is subject to, along with any other approval that may be necessary.
Also from HMA Agro Industries
NSE allows waiver of fines levied for delay in audit committee, stakeholder panel compliance
20 Oct 2026
Application shared with BSE and NSE to reclassify an outgoing promoter to the public category
16 Oct 2026
Board approves reclassification of an outgoing promoter to 'Public' category, subject to stock exchange approval
16 Oct 2026
More numbers
- Outgoing promoter's holding as a percentage of paid-up equity share capitalNIL percentage
- Voting rights held by outgoing promoter at date of requestless than 10%
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