DINOTARIP promoters hold 88.51% and disclose similar ventures

DINOTARIP’s four individual promoters jointly hold 1,11,19,994 equity shares, or 88.51% of pre-issue equity capital. DINOTARIP also says some promoter-group businesses have similar business objects, creating a potential conflict of interest that may adversely affect its business and growth.

Who controls DINOTARIP before the issue?

DINOTARIP is controlled before the issue by four individual promoters, led by Ravi Singhal and Vivek Singhal. Ravi Singhal holds 57,10,000 equity shares, or 45.45% of pre-issue capital, while Vivek Singhal holds 54,09,990 shares, or 43.08%. Trisha Singhal and Priyal Singhal each hold two shares, shown as 0.00% individually in the disclosure.

The four promoters together hold 1,11,19,994 shares, equal to 88.51% of DINOTARIP’s pre-issue equity share capital. Ravi Singhal and Vivek Singhal therefore account for 88.53% when their separately disclosed percentages are added, with the difference from the combined 88.51% figure reflecting the negligible holdings of the other two promoters and disclosed percentage presentation. DINOTARIP identifies all four as original promoters and says there has been no change in its management or control.

The ownership structure is linked to operating roles at DINOTARIP. Ravi Singhal, aged 41 years, became Managing Director on November 22, 2024 and is responsible for business expansion, sourcing new projects and overall management. Vivek Singhal, aged 39 years, is Executive Director and is described as handling operations, business development, marketing and sales; both are reported to have more than 17 years of plastic-industry experience.

What do DINOTARIP promoters’ 88.51% holding and similar ventures mean?

DINOTARIP promoter ownership and management authority are concentrated among four family-connected individuals holding 88.51% before the issue. The company says its promoters are interested as shareholders and members of management, with significant control over management and influence over policy decisions. The concentration persists so long as the disclosed shareholding and management structure remain in place.

DINOTARIP discloses family relationships among the promoters and key managerial personnel. Ravi Singhal is identified as the husband of Trisha Singhal, while Priyal Singhal is identified as Vivek Singhal’s wife; the key managerial personnel disclosure also describes Ravi Singhal and Priyal Singhal as brother-in-law and sister-in-law. These relationships mean the principal ownership interests are held within connected promoter families rather than by unrelated holders.

DINOTARIP lists 15 Hindu Undivided Families, firms and proprietorships as part of its promoter group under Regulation 2(1)(pp) of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations. A Hindu Undivided Family, or HUF, is a family unit recognised under Indian law for tax and ownership purposes. The list includes Singhal Baloon Mart, Triplat Traders, NG Enterprises, Shri Vinayak Enterprises, Shakti Cooperation (India), Fair Trade Agri Processor, Chandni Creations, Nandan Enterprises and MS Industries.

What similar business ventures has DINOTARIP disclosed?

DINOTARIP says some promoter-group companies have business objects similar to its own business and that the resulting conflict of interest may adversely affect its business and growth. The disclosure does not quantify how many entities overlap with DINOTARIP, identify shared products, customers or suppliers, or state that an actual conflict has occurred. It presents the matter as a potential conflict arising from common pursuits in the promoter group.

Shakti Cooperation (India), a partnership established on April 4, 2007, has stated business objects covering tarpaulin and agricultural pipes. Ravi Singhal held a 33.33% profit-sharing ratio in the partnership as of March 31, 2025. Shakti Cooperation (India) reported FY 2025 revenue of Rs 24.30 lakh, compared with Rs 8.67 lakh in FY 2024 and Rs 4.53 lakh in FY 2023, while FY 2025 net profit was Rs 1.69 lakh.

Two disclosed sole proprietorships have stated objects involving trading of plastic products and polymers. Tripl Traders, whose proprietor is Ramdas Singhal, reported FY 2025 revenue of Rs 6.37 crore, down from Rs 8.55 crore in FY 2024 and Rs 35.49 crore in FY 2023; FY 2025 net profit was Rs 4.02 lakh. Shri Balaji Plastopack, whose proprietor is Ashish Singhal, reported FY 2025 revenue of Rs 15.93 crore, compared with Rs 12.69 crore in FY 2024 and Rs 12.60 crore in FY 2023, and net profit of Rs 15.11 lakh.

Nandan Enterprises has different stated objects, covering manufacture of metal castings and machinery parts. The sole proprietorship of Nandan Garg reported FY 2025 revenue of Rs 9.26 crore, versus Rs 5.46 crore in FY 2024 and Rs 4.38 crore in FY 2023. Its FY 2025 net profit was Rs 22.95 lakh, compared with Rs 19.35 lakh a year earlier.

How does DINOTARIP say it will manage promoter conflicts and related interests?

DINOTARIP says it will adopt necessary procedures and practices permitted by law to address conflict situations as and when they arise. The disclosure does not specify those procedures, allocate customers or suppliers between DINOTARIP and group entities, set out a non-compete arrangement, or describe an internal approval mechanism. Its stated approach therefore depends on identifying a conflict and applying legally permitted procedures at that point.

DINOTARIP separately identifies a property-related promoter interest. Its registered office at Shop No. 4, 4/1, Nayapura Main Road, Indore, is rented from promoter Vivek Singhal under an agreement dated April 26, 2024. The commercial space measures about 1,924 square feet and carries monthly rent of Rs 1.50 lakh; DINOTARIP says promoters have no other disclosed interest in company property acquired during the preceding two years or proposed for acquisition.

DINOTARIP says that, except for related-party transactions disclosed in its restated financial statements, no payment or benefit was made to promoters during the two years preceding the red herring prospectus and there was no stated intention to provide one as of the filing date. It also says its promoters have not been identified as wilful defaulters, have not been prohibited from accessing capital markets, and have no past or pending securities-law violations. Those confirmations concern regulatory status and do not change the company’s disclosure of potential overlap in promoter-group business objects.

Conclusion

DINOTARIP’s disclosures combine concentrated control with a stated potential conflict risk. Four connected promoters hold 88.51% of pre-issue equity capital, while Ravi Singhal and Vivek Singhal hold 45.45% and 43.08%, respectively, and occupy central operating roles. The promoter group also includes entities involved in tarpaulin, agricultural pipes, plastic-product and polymer trading, metal castings and machinery parts.

The next disclosed matter to watch is whether DINOTARIP provides more detail on the procedures it says it will use when conflicts arise. The current disclosure contains no specified conflict-resolution framework, non-compete undertaking, customer allocation or quantified business overlap, so any later related-party transaction, group-entity arrangement or formal policy could clarify how DINOTARIP separates its interests from promoter-group pursuits.