sebi:WTM/GM/CFD/84/2017-18
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Facts / Headnote
Directions issued vide interim order dated June 04, 2013 against Polson Ltd., its directors, promoters and promoter group revoked with immediate effect
Provisions invoked
- s. 21
- s. 12A
Regulations
- Reg. 38
Parties
- Polson Ltd.
- Directors of Polson Ltd.
- Promoters of Polson Ltd.
- Promoter group of Polson Ltd.
Holding
The interim directions dated June 04, 2013 against Polson Ltd., its directors, promoters and promoter group are revoked with immediate effect upon finding the company achieved 25.01% public shareholding and thus complied with the minimum public shareholding requirement with effect from October 26, 2017.
Full text
Order in the matter of Polson Ltd. Page 2 of 3 Agreement [now Regulation 38 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015] read with Section 21 of the Securities Contracts (Regulation) Act, 1956 ("SCRA").
Order in the matter of Polson Ltd. Page 3 of 3 the company's letter reveals that public shareholding as of October 27, 2017 stands at 25.01% of the total number of shares of the company. This is therefore in compliance with the public shareholding requirement of twenty five percent mandated in Rule 19A of the SCRR as a continuous listing requirement for listed companies. The mode of compliance has also been adhered to since Offer for Sale Mechanism is one of the modes specified by SEBI Regulations for complying with the minimum public shareholding requirement. BSE has also confirmed in its email to SEBI dated 23.01.2018 that Polson Ltd. is now in compliance with the minimum public shareholding requirement with effect from October 26, 2017.
3. Subsequently, Polson Ltd sent a letter dated November 22, 2017 to SEBI submitting that it had fulfilled the minimum public shareholding requirement by selling 11,200 equity shares owned by the promoters of the company, using the "Offer for Sale" mechanism. Copy of the letter sent to BSE along with revised shareholding pattern and copy of the acknowledgement of uploading the revised shareholding pattern on the stock exchange portal was also attached to the said letter.
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Source: SecMarx — sebi:WTM/GM/CFD/84/2017-18. 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.