Mr Kumar Mangalam has written a letter to Securities and Exchange Board of India (Sebi) for seeking reclassification from a promoter to a public shareholder in Kesoram Industries, a BK Birla group company.
In the letter he stated that he has no direct or indirect managerial or other control in Kesoram and does not enjoy any special rights therein. Some of his family members, including himself, were also declared and continued to be declared promoters in a few companies which are not part of the ABG and have been managed independently.
He said that with the increasing operational and regulatory complexities, it is found that his classification as a promoter of companies other than those of the Aditya Birla Group, would have compliance challenges.
According to filings with the BSE, Kumar Mangalam directly holds 300 shares in Kesoram. His entire holding including family and entities is less than 0.0035 per cent shareholding in Kesoram Industries, which is a company forming part of BKB.