SEBI adjudicates Integra Switchgear for unapproved shareholder reclassifications

This order addresses alleged violations of SEBI listing and takeover regulations by Integra Switchgear Limited and its promoters, specifically concerning incorrect shareholding classifications and failure to follow proper reclassification procedures with the stock exchange.

Who it concerns: Integra Switchgear Limited, Mayurbhai Jamnadas Vora, Deepak Jamnadas Vora, Pankaj Jamnadas Vora, Deepak Jamnadas Vora HUF, Mayur Jamnadas Vora HUF, Anuja Mayur Vora, Pratibha Deepak Vora, Jairaj Deepak Vora, Mayuri Pankaj Vora, Varangi Deepak Vora, Harsha Mayur Vora, Aashka Sanket Vadalia, Bimal Switchgear Private Limited, Zarna Yogesh Dhruv, Ashna Mayur Vora, Ateet Abhay Vora

What SEBI found or ordered

• Alleged violation of LODR Regulations regarding incorrect shareholding patterns filed with the stock exchange.
• Alleged failure to obtain BSE approval for reclassifying shareholders (Abhay Vora, Aashka Vadalia, Zarna Dhruv, Haresh and Heena Shah) between promoter and public categories.
• Alleged non-disclosure of material events related to these reclassifications.
• Alleged violation of SAST Regulations by the promoters.
• Proceedings initiated under Section 15-I of the SEBI Act, 1992.
• Hearings were conducted in 2026, with the final hearing deferred to August 2026.

Also in the document

• The issues stem from historical shareholding classifications (dating back to 2000-2016) noticed during the scrutiny of a 2024 acquisition offer.
• SEBI noted that BSE confirmed it had not received or approved reclassification applications for several individuals, including Haresh and Heena Shah.
• The company ceased operations in July 2020, but the violations relate to filings made before and after this period.