City-based Sical Logistics Ltd. (SCL) on Saturday wrote to the BSE seeking approval to reclassify the A.C. Muthiah groups shareholding in the company from that of Promoter to Public.
The reclassification was necessitated based on the request from the A.C. Muthiah group, SCL said in a regulatory filing.
Considered by board
In a notice to the shareholders in August 2019, SCL said the request for re-classification was considered at its board meeting held on May 17...The shareholding of the above persons/entities forming part of promoter group (MAC Group) had fallen below 10%, to 3.54%, the notice said.
They (MAC group) also do not possess any special rights/privileges and have not nominated any director to the Board currently, it added.
As per the notification, currently, ACM Educational Foundation holds 0.98% stake in SCL, followed by A.C. Muthiah (0.72%), Darnolly Investments0.71%) and Ranford Investments (0.35%), among others.
At the 64th Annual General Meeting, shareholders approved the special resolution proposal by way of poll and e-voting respectively.