Kulin Patel Holds 13.20%, Above Managing Director's 11.09%

Kulin Kiran Patel, the company’s Chief Financial Officer, held 20 lakh equity shares, or 13.20% of pre-issue paid-up capital, compared with Managing Director Sandipkumar Narsinhbhai Patel’s 16.80 lakh shares, or 11.09%. The 2.11-percentage-point ownership gap existed while Kulin Patel received Rs 4.80 lakh in Fiscal 2026 salary.

Why does Kulin Patel hold more than the managing director?

Kulin Patel holds more equity than the managing director because the key managerial personnel shareholding table records 20 lakh shares and 13.20% for Kulin Patel, against 16.80 lakh shares and 11.09% for Sandipkumar Patel. The stated pre-issue difference is 3.20 lakh shares, equivalent to 2.11 percentage points of paid-up share capital.

The ownership comparison differs from the executive structure in the management organisation chart. Sandipkumar Patel is the Managing Director, while Kulin Patel is the Chief Financial Officer, or CFO, and both are key managerial personnel. The prospectus also identifies both executives as promoters, alongside Chairman and Non-Executive Director Sudhir Haribhai Patel and Non-Executive Director Girishbhai Faljibhai Patel.

The disclosed equity interest does not alter the two executives’ stated positions. The prospectus continues to designate Sandipkumar Patel as Managing Director and Kulin Patel as CFO, while the shareholding table measures their respective direct holdings as a percentage of pre-issue and post-issue paid-up capital.

The prospectus contains a separate share-count inconsistency for Kulin Patel. The key managerial personnel table records 20 lakh shares, while Kulin Patel’s promoter profile prints “20,00,00,000” equity shares; both disclosures state a 13.20% holding. The comparison with Sandipkumar Patel uses the dedicated key managerial personnel table because it presents both executives’ holdings in the same table and definition.

How does the issue change Kulin Patel's 13.20% ownership?

Kulin Patel’s stated holding is 9.72% of post-issue paid-up capital, compared with 13.20% before the issue. Sandipkumar Patel’s stated percentage is 8.16% post-issue, compared with 11.09% pre-issue. The prospectus therefore presents declines of 3.48 percentage points for Kulin Patel and 2.93 percentage points for Sandipkumar Patel.

Kulin Patel remains ahead of Sandipkumar Patel in the post-issue comparison. Kulin Patel’s 9.72% exceeds Sandipkumar Patel’s 8.16% by 1.56 percentage points, narrower than the pre-issue difference of 2.11 percentage points. The supplied disclosure gives the percentages but does not state in this section that either executive disposed of shares.

The four promoters collectively held 79.40 lakh equity shares, representing 52.39% of pre-issued, subscribed and paid-up equity share capital as of the prospectus date. Sudhir Patel held 15.20%, followed by Kulin Patel at 13.20%, Girishbhai Patel at 12.91% and Sandipkumar Patel at 11.09%; Kulin Patel was therefore the second-largest individual promoter on the stated percentages.

When did Kulin Patel become CFO and a promoter?

Kulin Patel was appointed CFO on September 2, 2024, according to the table of changes in key managerial personnel over the preceding three years. The same table records Sandipkumar Patel’s change in designation to Managing Director on January 1, 2024, and Dharaben Chirag Patel’s appointment as Company Secretary and Compliance Officer on January 1, 2025.

A board resolution dated July 24, 2025 identified Kulin Patel and Sandipkumar Patel as promoters to satisfy Regulations 236 and 238 of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, known as the SEBI ICDR Regulations. The prospectus identifies Sudhir Patel and Girishbhai Patel as the original promoters and states that there was no change in control during the five years immediately preceding the prospectus date.

Kulin Patel holds a Bachelor’s degree in Management Studies from the University of Mumbai and a Master of Science in Entrepreneurship and Innovation from Queen Mary University of London. The prospectus attributes approximately four years of finance and accounts experience to Kulin Patel and says Kulin Patel worked at Shree Aakshar Pharmaceuticals Private Limited before joining the company.

What does Kulin Patel's Rs 4.80 lakh salary represent?

Kulin Patel received Rs 4.80 lakh in salary from the company in Fiscal 2026, as disclosed in related-party transactions under Accounting Standard 18 and the SEBI ICDR Regulations. The disclosed salary excludes provisions for gratuity and compensated absences because those provisions are determined using actuarial valuation for the company as a whole.

The Rs 4.80 lakh salary is remuneration for employment, whereas the 13.20% figure is a pre-issue equity ownership measure. The prospectus says key managerial personnel may be interested in remuneration, variable pay or sales-linked incentives, expense reimbursements, dividends and other distributions on their shares, and share-based employee benefits where applicable.

No contingent or deferred compensation accrued to key managerial personnel for Fiscal 2026 outside remuneration for that period, according to the prospectus. The company also states that it has no employee stock option scheme as of the prospectus date and no performance-linked bonus or profit-sharing plan in which key managerial personnel and senior management participate, except as set out in directors’ appointment terms.

Conclusion

Kulin Patel’s 13.20% pre-issue stake exceeds Sandipkumar Patel’s 11.09% despite Sandipkumar Patel holding the Managing Director role and Kulin Patel receiving Rs 4.80 lakh in Fiscal 2026 salary. The comparison places Kulin Patel second among the four individual promoters by the stated pre-issue percentages, behind Sudhir Patel’s 15.20%.

The disclosed post-issue capital structure is the next stated change to watch: Kulin Patel is shown at 9.72% and Sandipkumar Patel at 8.16%. A later company filing could also clarify the promoter-profile entry of “20,00,00,000” shares, which conflicts with the 20 lakh share figure in the key managerial personnel table while retaining the same 13.20% percentage.