Shareholder Requests Reclassification from Promoter Group to Public Category at Magson Retail And Distribution Limited
Maheshbhai Naranbhai Patel, a shareholder in Magson Retail and Distribution Limited, has sought reclassification from the 'Promoter Group' category to the 'Public' category for his holding in the company. The request addresses several aspects of involvement in the company's operations and management.The individual, currently classified as part of the Promoter Group, holds equity shares in Magson Retail And Distribution Limited. The total shareholding details are as follows:
| Shareholder Name | Current Category | Equity Shares Held | Face Value Per Share |
|---|---|---|---|
| Maheshbhai Naranbhai Patel | Promoter Group | 850 | Rs. 10/- |
The request for reclassification is based on several assertions regarding the shareholder's involvement with the company’s affairs. Mr. Patel stated that he is no longer engaged in the day to day operations or business decisions of Magson Retail And Distribution Limited and has not been involved in any corporate actions of the company recently. He also affirmed that he does not hold special rights relating to the appointment of directors or participation in the management.
Furthermore, Mr. Patel asserted that he is not controlling the Management of the Company nor is he engaged in its key policy and business decisions. He confirmed that he holds no connection with the present Board of Directors or Management, and neither he nor his influence extends into their operational decisions.
In support of the reclassification request, which concerns the company's shareholder pattern, Mr. Patel provided specific commitments regarding control and financial standing. These commitments include assurances that he and associated parties:
- Will not collectively hold more than 10% of the total voting rights in the Company.
- Will not exercise control over the affairs of the Company, directly or indirectly.
- Will not possess any special rights through formal or informal agreements.
- Will not be represented on the Board of Directors (and will have no nominee director).
- Will not act as a Key Managerial Person in the company.
- Shall not be a 'wilful defaulter' as per Reserve Bank of India Guidelines.
- Shall not be a fugitive economic offender.
Mr. Patel further undertook that there is no pending regulatory action against him. He committed to complying with specific conditions for a period of not less than three years following the date of reclassification, failing which he would revert to classification as a promoter/person belonging to the promoter group of the Company.
MAGSON Stock Price Movement
On Thursday, Magson Retail And Distribution Limited shares edged higher, settling at ₹175 after gaining 2.94%. The stock traded steadily throughout the session, with a total volume recorded of 2,000 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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