Amisha (Asst. Company Secretary) (205 Points)
25 March 2010Dear Friends..
I need an answer for the below question.. pls advise
Our Company is a Ltd. & listed Company. We have many,, say 15 menbers as our promoters in promoters group in shareholding pattern. Now our Company is plannig to reduce this no to 4-5. The reason is because many are not the actual promoters, just being relatives all were included in promoters group at the time of incorporation. Can we do this ? Is ther any procedure for this ?
Pls advice.
Thanks & Regards,
Amisha
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 25 March 2010
As per my understanding if all 15 promoters were involved in the incorporation or their names were mentioned in the prospectus at the time of listing of the comoany than you can not change their status as they will be treated as promoter.
However if you transfer their shareholding their names will be out of the shareholding pattern. However you can not change their status as promoter.
Views of other learned memers solicited.
praveen
(Chartered Accountant)
(6971 Points)
Replied 25 March 2010
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 25 March 2010
| Originally posted by : praveen | ||
 |
A promoter will stay as promoter even though he / she sell shares held by them to others. Things happened once cannot be changed later. Though there wont be any powers as such to promoters once they sell of the shares. Correct me if i am wrong. |
 |
True and correct observation !!!
praveen
(Chartered Accountant)
(6971 Points)
Replied 25 March 2010
Thank you sir I am a big fan of yours
Amisha
(Asst. Company Secretary)
(205 Points)
Replied 26 March 2010
Thank you very much Mr. Ankur and Mr. Praveen.
Regards,
Amisha
Neeta
(Finance)
(345 Points)
Replied 26 March 2010
the definition of promoter given by the learned members is correct . but as regards a shareholding pattern to SE , its that the person leading the company , also as far my practical exp , companies do make changes in the pattern , even to adjust the min public shareholding .
point no 1 ; what if these promoters transfer their total shares . no doubt they will no longer appear in the pattern , they remain the promter in the MOA only . shareholding pattern differs from qrtr to qrtr . thing is that u shud follow the listing agreement as regards each category. As per view we can make changes but the SE can ask query on any major changes.
point no 2 : the format specified by BSE provides for the category " others specify " in the heading Public shareholding and in its explanation and format for " others specify " it clearly provides in point no B(2)(c) as Directors and relatives . This means in public holding also there is directors and relatives .
So , in my view , promoter who are not actually promoters and are simply being shown in the pattern under promoters group can be changed. also i think der isn't any specific regulation that restricts for change in the pattern . the pattern changes thats why its being submitted regulary on each qrtr.
plz correct if am wrong .
regards
Mukesh
(wedwe)
(21 Points)
Replied 22 August 2010
Dear Friends Good Morning!
I'm Mukesh Kumar and I want to know the Shareholding Pattern of Bombay Stock Exchange.
So Kindly Reply me.
Thanks
Mukesh Kumar
Mobile No.- +91-9019249562
Amisha
(Asst. Company Secretary)
(205 Points)
Replied 22 August 2010
hi mukesh
will send u tomorrow as it is on my office comp.
Best Regards,
CAclubindia
