Liberty Shoes Limited Faces Scrutiny Over Promoter Reclassification Requests
Liberty Shoes Limited is addressing regulatory observations concerning the handling of requests from promoter shareholders seeking reclassification of their shareholding status. The scrutiny relates to the process followed regarding the promoters' requests, which were submitted in 2024.The company received requests on March 23, 2024, from Shri Arpan Gupta (in his individual capacity) and as Karta of Dinesh Kumar Gupta HUF. These members of the promoter and promoter group sought to have their shareholding reclassified from the "Promoter and Promoter Group" category to the "Public" category, according to applicable regulations.
The company's Board of Directors reviewed these requests at a meeting held on May 29, 2024, forming views on the matter. However, although an initial consideration of the requests was disclosed on March 30, 2024, a subsequent disclosure made on July 21, 2026, did not reference the pending requests or the final view of the Board on these matters.
The company's review indicated that the board had determined that the promoters did not meet all the conditions required for reclassification. Instead of presenting the matter to shareholders as mandated under one provision, the rejection of the requests was conveyed to the said promoters via email dated June 07, 2024.
In response to regulatory observations regarding non-compliance with material event reporting and disclosure requirements, the company has been advised specific corrective actions. The advisory emphasizes that the reclassification requests must be presented to shareholders in a general meeting along with the views of the Board of Directors. Furthermore, Liberty Shoes Limited is advised to take all necessary steps to process these requests further within the established regulatory framework.
LIBERTSHOE Stock Price Movement
Today, the shares of Liberty Shoes Limited shed 1.63%, closing at ₹262.20 as the market settled after post-market trading. The stock saw a total traded volume of 34,509 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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