sebi:WTM/PS/03/CFD/APR/2016
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Facts / Headnote
Revoked interim directions against Company, its directors, promoters and promoter group with immediate effect; referred matter for adjudication
Provisions invoked
- s. 19
- s. 23I
- s. 12A
Regulations
- Reg. 38
Parties
- Miven Machine Tools Limited
- Directors of Miven Machine Tools Limited
- Promoters and promoter group of Miven Machine Tools Limited
Holding
The interim directions dated June 04, 2013 read with Order dated August 04, 2015/2016 against Miven Machine Tools Limited, its directors, promoters and promoter group are revoked with immediate effect. The matter is referred for adjudication proceedings under sections 23E and 23H of the Securities Contracts (Regulation) Act, 1956.
Full text
Page 2 of 4 (iii) The direction issued in paragraph 17(b) of the interim order dated June 04, 2013 shall be re-imposed immediately (without the need for passing of a separate order) in case the delisting process of the Company is not completed successfully within the period directed in sub-paragraph (ii) above. (iv) The directions contained in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue to be in effect till such time the Company is delisted from the stock exchanges or till the time the Company becomes compliant with the MPS norms, whichever is earlier.
Page 3 of 4 4. Thereafter, the Company vide letter dated October 09, 2015, informed that the promoters of the Company had launched an Offer for Sale (OFS) through the stock exchange mechanism and had sold the excess shareholding of 36,050 equity shares constituting 11.19% of the paid-up share capital of the Company on September 29, 2015. The Company also stated that the shares offered in the OFS were credited in the demat accounts of the successful bidders on October 01, 2015. As per the Company, the shareholding of the promoters were brought down from 86.19% to 74.9992% and that the level of public shareholding had increased from 13.81% to 25.0008% and that the Company has complied with the MPS requirements. The Company also submitted its revised shareholding pattern pursuant to the OFS, wherein the promoters hold 75% and the public shareholders hold 25%.
Page 4 of 4 9. Considering the fact that the Company has now complied with the MPS requirements as stipulated under rule 19A of the SCRR read with regulation 38 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it would be appropriate and reasonable to vacate the
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Source: SecMarx — sebi:WTM/PS/03/CFD/APR/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.