sebi:SEBI/WTM/GM/CFD/37/2019-20
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Facts / Headnote
Application dated September 26, 2019 disposed of; relaxation granted from Regulation 8(1B)(i) of Delisting Regulations limited to MPS compliance, subject to conditions
Provisions invoked
- s. 21
Regulations
- Reg. 4
- Reg. 17
- Reg. 8
- Reg. 25A
Holding
SEBI granted U.P. Hotels Ltd. relaxation from the applicability of Regulation 8(1B)(i) of the Delisting Regulations, limited to the extent of compliance with minimum public shareholding (MPS) norms, for the specific purpose of seeking voluntary delisting of its equity shares, subject to conditions including valuation by two independent chartered accountants, a delisting price at least equal to the higher of reverse book building price or valuation, and promoters acquiring at least 60% of existing public shareholding.
Full text
______________________________________________________________________________________________ Order in the matter of U.P. Hotels Ltd. Page 2 of 18
______________________________________________________________________________________________ Order in the matter of U.P. Hotels Ltd. Page 3 of 18
______________________________________________________________________________________________ Order in the matter of U.P. Hotels Ltd. Page 4 of 18
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Source: SecMarx — sebi:SEBI/WTM/GM/CFD/37/2019-20. 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.