sebi:WTM/GM/ISD2/CDD/03/DEC/2016
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Facts / Headnote
Interim orders dated March 2, 2016 and May 24, 2016 relaxed to limited extent to permit orderly sale of securities, tendering in open/delisting/buyback offers, and availing corporate actions, with proceeds to be deposited in interest bearing escrow account
Parties
- Mid India Commodities Private Limited
- Sisne Polymers Private Limited
- Bharat Foods Co-operative Limited
- Mr. Vijay Saraf
- National Steel and Agro Industries Limited
- Neer-Ocean Multitrade Private Limited
- Ruchi Global Limited
- Tanisha Multitrading Private Limited
Holding
The Whole Time Member relaxed the interim orders restraining 18 entities from accessing the securities market, permitting them to sell securities in demat accounts in an orderly manner, tender shares in open/delisting/buyback offers, and avail corporate actions, with proceeds deposited in an interest bearing escrow account with a nationalized bank.
Full text
___________________________________________________________________________ In the matter of Castor Seed Contracts Page 2 of 3 notice dated March 2, 2016 and May 24, 2016 (hereinafter referred to as “interim order/s”), restrained 18 entities (16 entities vide order dated March 2, 2016 and 2 entities vide order dated May 24, 2016), from accessing the securities market and further prohibited them from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, till further directions.
___________________________________________________________________________ In the matter of Castor Seed Contracts Page 3 of 3 as indicated hereunder : (a) The noticees may sell the securities lying in their demat accounts as on the date of the interim order, other than the shares of the companies which are suspended from trading by the concerned stock exchange, in an orderly manner under the supervision of the stock exchanges so as not to disturb the market equilibrium and deposit the sale proceeds in an interest bearing escrow account with a nationalized bank; (b) the noticees may tender the shares lying in their demat account in any open offer / delisting offer / buyback offer under the relevant regulations of SEBI and deposit the sale proceeds in an interest bearing escrow account with a nationalized bank; (c) the noticees shall avail the benefits of corporate actions like rights issue, bonus issue, stock split, dividend etc. (d) the aforementioned window for sale of shares lying in respective portfolio shall stand withdrawn if any entity is found to execute any trade in breach of the above conditions.
2. All the noticees have filed their replies in the said matter and a few of them have availed opportunity of inspection of documents relied upon in the matter for passing the interim
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Source: SecMarx — sebi:WTM/GM/ISD2/CDD/03/DEC/2016. 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.