Misreported Share Deal: Ashish Kacholia’s Sale in One Company Filed Under Another
Investor Ashish Kacholia’s Shares Sold in Shaily Plastics Mistakenly Reported as BEW Engineering Deal
On October 10, 2024, BEW Engineering Limited made a formal request to the National Stock Exchange (NSE) regarding a misreported disclosure of Substantial Acquisition of Shares and Takeovers (SAST) deals on its platform. This misreporting has led to some confusion in the market as transactions meant for another company, Shaily Engineering Plastics Ltd., were mistakenly displayed under BEW Engineering Limited.
What Happened?
The issue came to light when BEW Engineering Limited received an email from Mr. Tamal Karmakar on October 9, 2024. The email pointed out that the SAST deals, which were related to the sale of shares by renowned investor Mr. Ashish Kacholia of Shaily Engineering Plastics Ltd. under SEBI (SAST) Regulations, 2011, were incorrectly displayed under BEW Engineering Limited on the NSE website. Notably, these transactions were executed between April 5, 2019, and September 17, 2024, a period during which BEW Engineering Limited had only recently been listed on the NSE SME Emerge Platform, starting from September 16, 2021.
Clarification from BEW Engineering Limited
BEW Engineering Limited has clarified that it has no connection to the aforementioned SAST deals and has requested the NSE to correct the error. The company has emphasized that the misreported information could lead to misunderstandings among its investors, creating unnecessary confusion in the market.
To resolve the issue, BEW Engineering Limited has requested both the investor responsible for the erroneous disclosure and the NSE to take corrective measures. They have also asked the NSE to promptly remove the incorrect files displayed under their SAST disclosure tab.
About BEW Engineering Limited
BEW Engineering Limited is engaged in the design and manufacturing of specialized equipment for the Pharmaceutical and Chemical industries. The company is known for its range of filtration, mixing, and drying equipment, which are specifically used in various industries, including Pharmaceuticals, Sterile Applications, Fine Chemicals, Agro Chemicals, Pesticides, Insecticides, Dyes, and Food Products.
Its stock has performed exceptionally well, with shares currently trading near the day’s high. Over the past three years, the stock has delivered multibagger returns of 353 per cent, making it a standout performer in the market.
What’s Next?
BEW Engineering Limited is hopeful that the NSE will act swiftly to correct the information and clear any misunderstandings among investors. By addressing this issue, the company seeks to maintain transparency and uphold investor trust.
In conclusion, BEW Engineering Limited remains committed to keeping its stakeholders informed and ensuring accurate representation of its market activities. Investors are encouraged to stay updated as the necessary corrections are made.
SAST (Substantial Acquisition of Shares and Takeovers) deals refer to transactions that involve the acquisition of a significant stake in a company. These deals are governed by SEBI's (Securities and Exchange Board of India) SAST Regulations, 2011. The primary objective of these regulations is to protect the interests of minority shareholders in cases where there is a substantial change in ownership or control of a company.
Disclaimer: The article is for informational purposes only and not investment advice.