sebi:WTM/MPB/ISD/52/2017
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Facts / Headnote
Representation disposed of; actions envisaged in SEBI's letter dated August 07, 2017 and consequential actions taken by Stock Exchanges against Frontier Informatics Ltd. revoked.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 186
Parties
- Frontier Informatics Ltd.
Holding
SEBI revoked the interim trading restrictions and shell-company listing imposed on Frontier Informatics Ltd. vide letter dated August 7, 2017, finding no prima facie evidence of misrepresentation, misuse of books of accounts/funds, or violation of LODR Regulations.
Full text
Order in the matter of Frontier Informatics Ltd. Page 2 of 13 4. SEBI was also of the view that investors should be alerted on the possible enforcement actions by various authorities leading to potentially significant impact on the price of the stock.
Order in the matter of Frontier Informatics Ltd. Page 3 of 13 We do not owe any amounts to Banks or any other financial institutions. We do not have any dues, worth mentioning, to any statutory bodies barring small disputed amounts to Income Tax department which are pending with Andhr Pradesh High court and income Tax Appellate Tribunal.
Order in the matter of Frontier Informatics Ltd. Page 4 of 13 At this stage, inclusion of our name in the list of 'Shell' companies will adversely affect. the interests of 11,200 shareholders, who have stood by the company over more than two decades. In fact this is the time they have been looking forward to with some hope and putting the company in GSM VI under the false implication as Shell Company at this juncture is not called for and is not justified.
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Source: SecMarx — sebi:WTM/MPB/ISD/52/2017. 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.