Indosolar seeks shareholder reclassification after NCLT order

Indosolar Limited announced on November 10, 2025, that it has filed an application with BSE Limited and National Stock Exchange of India Limited for the reclassification of five shareholders. This reclassification, from the 'Promoter and Promoter Group' to the 'Public' category, is in accordance with Regulations 30 and 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The application stems from an order issued by the National Company Law Tribunal (NCLT) dated April 21, 2022.

The shareholders subject to this reclassification include Hulas Rahul Gupta, Bhushan Kumar Gupta, Priyadesh Gupta, Abha Gupta, and Greenlite Lighting Corporation. The company submitted this application to both stock exchanges on June 7, 2025. Indosolar stated that while its understanding, based on Regulation 31A(9) of the Listing Regulations, suggests that the disclosure might not be strictly necessary as the reclassification arises from an approved resolution plan via the NCLT order, the company is nonetheless filing this disclosure. This action is based on ongoing discussions with the exchanges, ensuring transparency regarding the application.