The Company Says Six Promoter Qualification Records Are Missing

The Company says qualification documents for six of its 11 promoters are “not traceable.” Those six promoters held 27,92,327 equity shares, representing 18.19% of pre-issue paid-up capital, while all 11 promoters collectively held 47,55,514 shares, or 30.99% of pre-issue paid-up capital.

Which promoter qualification records does The Company say are not traceable?

The Company says qualification documents for Rasikbhai Goklhalbi Bhalodi, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Vipul Goklhalbi Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi are not traceable. The statement appears after the promoter profiles on page 329 of the Red Herring Prospectus.

The disclosure concerns the availability of qualification documents, not whether the six promoters have business experience. The Company lists 12+ years of experience for Rasikbhai Goklhalbi Bhalodi, 11+ years for Shilpaben Rasikbhai Bhalodi, eight years for Beena Vijay Thosani, and 11+ years each for Vipul Goklhalbi Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi.

The individual promoter profiles also show blank or asterisked qualification fields for several of the six people named in the disclosure. Rasikbhai Goklhalbi Bhalodi and Shilpaben Rasikbhai Bhalodi have an asterisk in their qualification fields, while Beena Vijay Thosani, who holds 3,75,000 shares or 2.44% of pre-issue capital, has a blank qualification field.

How much equity is linked to the six promoters with untraceable qualification records?

The six promoters named in The Company’s qualification-record disclosure held 27,92,327 shares in aggregate, based on the individual pre-issue holdings listed in the promoter section. Their disclosed ownership totals 18.19% of pre-issue paid-up capital, compared with 30.99% held by all 11 promoters.

The six disclosed stakes range from 2.11% to 3.92% of pre-issue capital. Jignaben Vipulbhai Bhalodi has the largest stated stake among the six, at 6,01,840 shares or 3.92%, followed by Vipul Goklhalbi Bhalodi at 5,50,752 shares or 3.59% and Jalpaben Hasmukhbhai Bhalodi at 5,45,440 shares or 3.55%.

The other five promoters account for the 12.80-percentage-point difference between the six-person total and the promoter group’s 30.99% holding. The Company identifies Vijay Jaysukhlal Thosani, Deepak Kumar Geematrai Raura, Reeta Deepak Raurra, Kishan Chandulal Patel and Hasmukhbhai Gokalbahi Bhalodi as the other promoters in the 11-person group.

What qualifications are shown for the other five promoters?

The Company’s profiles show qualification entries for the five promoters not named in the “not traceable” statement. Vijay Jaysukhlal Thosani is listed with a Bachelor of Law from Saurashtra University and 18+ years of experience, while Deepak Kumar Geematrai Raura is listed with a Bachelor of Science in Agriculture and a Master of Arts in Public Administration, alongside 40+ years of experience.

Reeta Deepak Raurra is listed with Bachelor of Arts, Bachelor of Education, Master of Education and Master of Science qualifications, together with 7+ years of experience. Kishan Chandulal Patel is listed as having completed Senior Secondary from Saraswati International School and has 8+ years of experience.

Hasmukhbhai Gokalbahi Bhalodi is listed with a Bachelor of Science from Sardar Patel University and 11+ years of experience. The comparison is limited to the prospectus profiles: five promoters have stated qualification entries, whereas qualification documents for six named promoters are expressly described as not traceable.

What business experience does The Company disclose for the six promoters?

The Company links the six promoters to operating and partnership activities despite the qualification-record disclosure. Shilpaben Rasikbhai Bhalodi is described as having begun her professional journey in 2015 as a partner in M/s Fortune Stretch Pack, handling production and sales coordination as well as overall management of the firm.

Vipul Goklhalbi Bhalodi is described as having joined M/s Fortune Stretch Pack in 2015 and managed routine operations and coordination. The Company says he was also admitted as a partner in M/s Aaditya Plastic Industries, M/s Shine Polymers, M/s Multicpak Industries, M/s Prime Industries and M/s Multi Chemicals and Polymers, in businesses involving box straps, plastic items, emulsions, PVA, adhesives and allied activities.

The Company says Jignaben Vipulbhai Bhalodi began in 2014 as a partner in M/s Shine Polymers and assisted with routine business activities. It says Jalpaben Hasmukhbhai Bhalodi became a partner in M/s Fortune Stretch Pack in 2015, overseeing packaging, administration and routine processes, while Beena Vijay Thosani worked as an office administrator from 2017 to 2025 and handled administrative functions and plant operations.

The stated work histories and the qualification-document disclosure address different matters. The supplied pages give no recovery timetable, replacement-document process or later correction, so the record-availability position remains the one disclosed on page 329 unless The Company issues an update.

What other governance statements accompany the disclosure?

The Company directs readers of the qualification-document statement to the Risk Factors chapter on page 25 and the Our Management chapter on page 300 of the Red Herring Prospectus. The supplied pages do not reproduce the cited risk-factor material, so they do not specify whether any of the six qualification documents will be recovered or independently verified.

Separately, The Company states that none of its promoters, promoter group, group company or persons in control had been prohibited or debarred from accessing or operating in the capital market under an order of the Securities and Exchange Board of India or another authority. It also states that no material regulatory or disciplinary action had been taken by a stock exchange or regulatory authority in the past one year in respect of its promoters, group company and companies promoted by the promoters.

The Company further states that there had been no change in control during the last five years. It says promoters have interests through compensation, equity holdings and related benefits except as otherwise disclosed, while the promoter group’s 47,55,514 shares represent 30.99% of the pre-issue paid-up capital.

Conclusion

The Company’s disclosure distinguishes between experience statements and supporting educational records: six of 11 promoters have qualification documents described as not traceable, and those six hold 18.19% of pre-issue paid-up capital. The group as a whole holds 30.99%, making the disclosure relevant to a significant part of the stated promoter ownership base.

The next item to watch is any later update to the record-availability statement or the related material on pages 25 and 300 of the Red Herring Prospectus. The supplied pages disclose no timetable for locating documents, no remedial process and no revised qualification information after the page 329 statement.