promoter(s) seeking re-classification” shall mean all such promoters/persons belonging to the promoter group seeking re-classification of status as public. The promoter carries the burden of extensive disclosures and the risk of being liable for company’s non-compliances/malpractices, the promoter who has lost the control of the company, strives to be excluded from being categorised as “promoter” or “promoter group” and hence be reclassified as “public”.

Answer given by Shubhamm Sir at 03-Dec-2022 08:18 PM