sebi:CO/134/MIRSD/01/2005
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Facts / Headnote
No adverse directions issued; company advised to continue efforts to reduce pending dematerialization requests to zero and report compliance.
Provisions invoked
- s. 19
Regulations
- Reg. 53
- Reg. 54(5)
Parties
- Continental Construction Ltd.
Holding
No adverse directions under section 19 of the Depositories Act, 1996 were issued against Continental Construction Ltd. for delay in dematerialisation of shares, as the company had taken steps to reduce pendency to reasonable levels.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order Against Continental Construction Ltd Jan 27, 2005 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA
days against Continental Construction Ltd. (hereinafter referred to as “CCL”) as on December 12, 2003. 2. Pursuant to the information provided by the depository, SEBI issued a show cause notice dated 09.02.04 to CCL advising it to show cause as to why appropriate directions under section 19 of the Depositories Act, 1996be not issued against it for violating the provisions of Regulation 53 read with Regulation 54(5) of SEBI (Depositories and Participants) Regulation, 1996 and the Depositories Act, 1996.
there was not much adverse effect of delay in dematerializing of shares, if any, to the investors. It was further submitted by CCL that the Bank Accounts of the company could not be operated by the management due to orders from the Apex Court issued on 24.03.03, restraining them from operating any bank account of the company. Under the circumstances as no expenses could be incurred, they could not send any staff to represent the matter for the personal hearing. It was further assured by CCL that the work of dematerialization of the shares was being taken up in right earnest and all the pendencies would be cleared within a very short period of time.
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Source: SecMarx — sebi:CO/134/MIRSD/01/2005. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.