Outgoing promoters reclassified to public category after incoming promoters acquired 54.08% stake
Reliable Ventures India Ltd: outgoing promoters reclassified from the "promoter" to the "public" category.
By ScoutQuest · · 2 min read
- Shares under SPA
- 59,55,815 equity shares (54.08% of voting equity share capital)
- Shares acquired off-market
- 59,54,012
- Reclassification effective date
- September 7, 2026
Change of guard at the company
The update discloses that under a Share Purchase Agreement dated June 02, 2026, three incoming promoters — Mr. Chennupati Sarath Kumar, Mr. Sivanag Vasireddy and Ancla Technology Solutions India Private Limited — agreed to acquire 59,55,815 equity shares of the company, representing 54.08% of its voting equity share capital, from the outgoing promoters.
The outgoing promoters named in the update include Mr. Shahid Hafiz Khan, Mr. Shahwar Hafiz Khan, Mrs. Sharifa Bano, Mr. Kaleemullah Khan, Mr. Farhan Sikandar Khan, Mr. Sikandar Hafiz Khan and several promoter-group entities.
How the transfer was completed
- Between September 1, September 2, September 4 and September 7, 2026, the incoming promoters acquired 59,54,012 of the Sale Shares from the outgoing promoters through off-market transfers.
- 1803 Sale Shares are in the process of transfer with the depository participant.
- With this, the incoming promoters have acquired control over the company and are classified as promoters under the SEBI Listing Regulations.
The reclassification
- The outgoing promoters and their promoter group members have ceased to be in control of the company and stand reclassified from the "promoter" category to the "public" category.
- The reclassification is effective from September 7, 2026, the date of actual transfer of the Sale Shares, which is later than the date on which the incoming promoters acquired control — 15th July, 2026, being the date of appointment of their nominees to the Board of Directors.
- In their letter dated September 26, 2026, the outgoing promoters stated they do not hold any equity shares of the company.
Conditions confirmed by the outgoing promoters
- Together with persons related to them, they do not hold more than 10% of the total voting rights in the company.
- They do not exercise control over the affairs of the company, directly or indirectly, and have no special rights through formal or informal arrangements, including shareholder agreements.
- They are not represented on the board and have no nominee directors, and do not act as key managerial personnel.
- They are not wilful defaulters as per RBI guidelines and are not fugitive economic offenders.
- The no-control, no-special-rights and no-shareholder-agreement conditions must be complied with at all times from the date of reclassification. The board-representation and key managerial personnel conditions must be complied with for a period of not less than 3 (three) years from the date of reclassification, failing which they would be reclassified as promoters or persons belonging to the promoter group.
What investors may note
- The intent of the outgoing promoters to move to the "public" category was disclosed in the open offer documents — the public announcement dated June 02, 2026, the detailed public statement of June 09, 2026, the draft letter of offer of June 16, 2026 and the letter of offer of August 04, 2026 issued to public shareholders.
- The update intimates that the reclassification has taken effect and that the incoming promoters are now the promoters of the company.
Also from Reliable Ventures India
EGM outcome: 10 resolutions passed, including MD and independent director appointments
14 Oct 2026
More numbers
- Equity shares agreed to be acquired under the SPA59,55,815
- Share of voting equity share capital54.08%
- Sale Shares acquired by incoming promoters59,54,012
- Sale Shares in process of transfer with depository participant1803
- Maximum total voting rights held by outgoing promoters and related persons10%
- Period for complying with board representation and KMP conditions3 (three) years
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