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| Exchange Disseminated Time 05/07/2017 12:47:22 | Mercator Ltd has informed BSE that the Company had received application from Mr. Atul Agarwal, Promoter of the Company for the removal of his and his family names from the promoter and promoters group to public category consequent upon his resignation from o/o Executive Vice Chairman w.e.f. September 30, 2017 and subsequent sale of entire shareholding in the Company. The Board of Directors at its meeting held on March 27, 2017 approved the removal/ of Mr. Atul Agarwal and family from promoter and promoters group. Since the shareholding of outgoing promoter was nil and it was removal from Promoter Group (not re-classification) it was not clear as to whether application to the Stock Exchanges was to be made under regulation 31A (5) or (6) and whether approval of members would be required, and hence the Company had approached the SEBI under Informal Guidance Scheme, 2003, seeking guidance on the same. In response to our application, the SEBI has referred our application to the facts decided in the matter of M/s. Alembic Pharmaceuticals Limited on October 17, 2016.
In view thereof, the Company will now file an application to the Stock Exchanges under Regulation 31(A) in due course of time. |
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