sebi:SEBI/WTM/SR/CFD/42/07/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Representations of the four independent directors disposed of; interim directions dated June 04, 2013 continued against them
Provisions invoked
- s. 21
- s. 29
Parties
- Mr. Nanda Gopan Khaitan
- Mr. Amit Kiran Deb
- Mr. Debi Prasad Patra
- Mr. Tantra Narayan Thakur
Holding
SEBI declined to vacate the June 04, 2013 interim restraint against the four non-executive independent directors of DPSC/IPCL and continued the bar on holding any new directorship in any listed company till MPS compliance.
Full text
Page 2 of 14 Serial No. Members of Board of Directors Designation 1. Mr. Hemant Kanoria Non-executive Chairman 2. Mr. Sunil Kanoria Non-Executive Director 3. Mr. Debi Prasad Patra (Noticee) Non-Executive Independent Director 4. Mr. Jyoti Kumar Poddar Non-Executive Independent Director 5. Mr. Nanda Gopan Khaitan (Noticee) Non-Executive Independent Director 6. Mr. Amit Kiran Deb (Noticee) Non-Executive Independent Director 7. Mr. Sunirmal Talukdar Non-Executive Independent Director 8. Mr. Tantra Narayan Thakur (Noticee) Non-Executive Independent Director
Page 3 of 14 equity shares of Re. 1 each to an irrevocable investment trust (Power Trust) resulted in the reduction of the promoter shareholding of DPSC from 93% to 68.31% and the public shareholding has increased from 7% to 31.69%. Accordingly, DPSC asserted that they achieved the MPS requirement on May 30, 2013. The shareholding pattern of DPSC for the quarter ending on June 2013 post amalgamation (as observed from the NSE website) was as under:
Page 4 of 14 c. restrain the shareholders forming part of the promoter/promoter group in the non-compliant companies from holding any new position as a director in any listed company, till such time these companies comply with the minimum public shareholding requirement; d. restrain the directors of non-compliant companies from holding any new position as a director in any listed company, till such time these companies comply with the minimum public shareholding requirement.”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:SEBI/WTM/SR/CFD/42/07/2017. 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.