Sanjay Shah Prudent Corporate Advisory shares – SEBI allows Prudent’s Sanjay Shah to give Rs 33 crore worth of shares to employees, staff

The Securities and Stock Exchange Council in India (SEBI) gave the green light to Sanjay Shah, the promoter of the joint, cautious investment funds for consulting services, to provide some of its shares to the company’s employees as a symbol of appreciation.

According to a report issued by The Economic Times, Shah wanted to distribute shares of 33 rupees among 650 employees, which also included employees participating in his home.

He intends to give 1,75,000 shares, representing 0.4 percent of his share in wisdom for his employees to celebrate 25 years at work. All the recipients have worked with him and wise for three years.

The shares of the PRUDENT Corporate Corporation, Ltd., increased by 1.45 percent to 1,897.15 rupees in Wednesday’s trade. The rotation of the table came at 31.88 Rs. The last time it was examined on BSE, there were 3592 requests to buy for 919 shares.

Shah told The Financial Daily that he wanted to surprise the employees and make them feel like a member of the company.

However, beneficiaries of the gift should be classified as members belonging to the group of promoters according to the stock guidance in India. However, Shah was not keen on this because it would affect the company’s promoter structure and control dynamics.

According to the report, Shah approached Sebi as he seeks to obtain an exemption, noting that re -classification of the group of promoters would reduce the value of the gesture and discourage promoters from the employee’s reward from personal wealth. He said that the beneficiaries did not fulfill the merits of the promoter and that the shares were not dedicated to the main administrative workers in PRUDENT. He also said that the situation will mislead investors regarding the meadow.

Sibi, after hearing the arguments, gave Shah from the regulations. He also said that the exemption is specific to this situation and should not be treated as a precedent.

Shah holds about 42 percent in wisdom, with a value of 7797 rupees, while his two daughters and family members own 13 percent.