Application shared with BSE seeking no objection to reclassify two promoters as public

SJ Corporation has submitted an application to BSE seeking no objection for reclassification of promoters Savji D Patel and Ushaben Savjibhai Patel from "Outgoing Promoter and Promoter Group" to "Public Category".

Wed 7 Oct 2026

Promoters proposed for reclassification

Savji D Patel and Ushaben Savjibhai Patel

Category change sought

from "Outgoing Promoter and Promoter Group" to "Public Category"

Board Meeting / Application dates

Board Meeting held on October 03, 2026; application shared with BSE on October 07, 2026

What the company informed the exchange

SJ Corporation Ltd has informed BSE that it has submitted an application seeking no objection for the reclassification of promoters. The disclosure was made under Regulation 30 and Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Key points from the update

• Two individuals are named in the proposed reclassification: Savji D Patel and Ushaben Savjibhai Patel.
• The proposed change is from "Outgoing Promoter and Promoter Group" to "Public Category".
• The Board Meeting for this was held on October 03, 2026.
• The application seeking no objection was shared with BSE Ltd on October 07, 2026.
• The letter is signed by Pintu K Kalavadia, Managing Director.

The idea in simple terms

A company's shareholding is usually split into two broad buckets. The first is the promoter and promoter group — the founders and their family or related entities who are treated as the controlling or insider group. The second is the public category — everyone else, including retail investors, mutual funds and other institutions.

Reclassification means moving a person or entity out of the promoter bucket and into the public bucket. If approved, the named individuals would be counted as public shareholders rather than as part of the promoter group.

Why companies seek this

• It reflects a change in who is treated as part of the controlling group.
• It is commonly seen when a promoter family member or a promoter entity steps back from the promoter group.
• Regulation 31A sets out the framework under which such an exit from the promoter group is considered.

What this update is and is not

The update states that the company has submitted an application seeking no objection for the reclassification. It records the names of the two promoters, the category change being sought, the date of the Board Meeting and the date the application was shared with BSE.

What a retail investor may watch for

Any movement of a named promoter out of the promoter group changes how the shareholding is classified in future disclosures, so it is worth tracking the follow-up disclosures on this application and how the promoter and public shareholding patterns are shown thereafter.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.