McNally Bharat Engineering reclassifies EMC as its public shareholder

McNally Bharat Engineering (MBEL), an associate company of the Williamson Magor Group (WMG) has reclassified its former promoter EMC Ltd as a public shareholder in the firm. The company will seek approval from its shareholders in the next 2-3 months via postal ballot over this reclassification. 

EMC said it doesn’t participate directly or indirectly in any of MBEL's activities or exercise any control over the affairs of the company. EMC doesn't hold any managerial position at MBEL that prompted it to seek a reclassification of its shareholding.

A source in MBEL said that although the company had narrowed down on