Alembic Pharmaceuticals Limited (‘Alembic’), by way of an interpretative letter, sought dispensation for seeking its shareholders’ approval to effect a reclassification of certain members forming part of its promoter group, and therefore, sought to approach the stock exchanges concerned directly as per the provisions of Regulations 31(A)(2) and 31(A)(3) of the Listing Regulations. The rationale mentioned by Alembic for such re-classification was that the concerned members were not connected directly or indirectly with the activities of Alembic, nor did they exercise control over its affairs or have any special rights through formal or informal arrangements or were privy to any price sensitive information, and these members had expressed their desire for reclassification of their shareholding from promoter group to public category.SEBI granted the aforesaid dispensation to Alembic without providing specific reasons for the same.