Two promoter group shareholders request reclassification as public shareholders
Ultramarine & Pigments has told BSE it has received requests from two promoter group shareholders to be reclassified as public shareholders under Regulation 31A.
By ScoutQuest · · 3 min read
- Narayan Santhanam holding
- 2,59,000 shares (0.89% of paid-up share capital)
- Deepa Ajay holding
- 51,000 shares (0.17%)
- Undertaking on voting rights
- not more than ten percent of voting rights; do not exercise control over the company
What the company has intimated
Ultramarine & Pigments Ltd has informed BSE that it has received a request from two shareholders currently classified in the "promoter group" to be reclassified as public shareholders. The intimation is made under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The two shareholders and their holdings
- Narayan Santhanam: 2,59,000 shares, equal to 0.89% of the paid-up share capital of the Company
- Deepa Ajay: 51,000 shares, equal to 0.17% of the paid-up share capital of the Company
Both have written to the Board of Directors stating that they are not directors of the Company and do not participate in its day-to-day management or decision making on any matter relating to the Company. In their letters they have asked the Board to pass the necessary resolutions and obtain approval as required to reclassify them from promoter group to public.
What the shareholders have undertaken
In the annexures to the request, each shareholder has confirmed and certified that, together with persons related to them:
- they do not hold more than ten percent of the total voting rights in the company
- they do not exercise control over the affairs of the company, directly or indirectly
- they have no special rights with respect to the company through formal or informal arrangements, including through any shareholder agreements
- they are not represented on the board of directors, including not having a nominee director
- they do not act as a key managerial person of the Company
- they are not wilful defaulters as per Reserve Bank of India guidelines
- they are not fugitive economic offenders
- there is no pending regulatory action against them
They have also undertaken to continue complying with the specified conditions at all times from the date of reclassification, and to comply with certain conditions for a period of not less than three years from that date, failing which they would be reclassified back as promoter or person belonging to the promoter group.
What this update is, and what it is not
This is the company's intimation that a request has been received, along with copies of the request letters and the undertakings. The company has stated that the necessary steps will be undertaken in compliance with Regulation 31A. The request is for a change in the category in which these holdings are counted; no sale of shares by these holders is part of the request itself.
How a retail investor can read it
Reclassification is essentially a change of label: shares move from being counted as promoter group holding to being counted as public shareholding, while remaining with the same holders. If approved, the promoter group's share of the total and the public shareholding would shift by the same number of shares, and here the two requests cover 0.89% and 0.17% respectively. The letters also carry the shareholders' confirmations that they hold not more than ten percent of voting rights and do not exercise control.
Also from Ultramarine & Pigments
Ultramarine & Pigments Ltd-$ promoter sells 3.25% stake
5 Oct 2026
Ultramarine & Pigments Ltd-$ promoter sells 3.25% stake
5 Oct 2026
More numbers
- Narayan Santhanam shares held2,59,000
- Narayan Santhanam holding as % of paid-up capital0.89
- Deepa Ajay shares held51,000
- Deepa Ajay holding as % of paid-up capital0.17
- Voting rights ceiling confirmed by shareholdersten percent
- Minimum period for specified conditions post reclassificationthree years
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