sebi:WTM/PS/10/CFD/MAY/2014
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Facts / Headnote
Paragraph 17(b) of interim order dated June 04, 2013 modified to permit promoters to buy public shareholding in voluntary delisting offer; Company/promoters granted 6 months to complete delisting with reporting within one month thereafter, failing which 17(b) revives automatically; paragraphs 17(a), (c) and (d) to continue till delisting or MPS compliance.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 8(1)(b)
- Reg. 8(1)(d)
Holding
SEBI modified paragraph 17(b) of the interim order dated June 04, 2013 to permit the promoters to acquire public shareholding in the voluntary delisting offer and granted 6 months to complete delisting. If delisting is not completed successfully within that period, the paragraph 17(b) restraint revives automatically while paragraphs 17(a), (c) and (d) continue until delisting or MPS compliance.
Full text
Page 2 of 4 (ii) Out of the shares held by the public shareholders, only 16,300 equity shares (as per the shareholding pattern as of June 2013) are held in demat mode. The remaining 52,150 equity shares are held in physical mode. (As on March 31, 2014, 16,550 equity shares were held in demat mode.)
Page 3 of 4 Limited (the merchant banker in respect of the delisting process), appeared and made submissions on the lines of the above said replies. A representation which dealt with the Company's submissions in brief was filed. To a query, the representatives submitted that the Company could not trace a majority of its public shareholders.
Page 4 of 4 8. Accordingly, I, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(2)(j), 11(4) and 11B thereof and section 12A of the Securities Contracts (Regulation) Act, 1956, hereby issue the following directions :
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Source: SecMarx — sebi:WTM/PS/10/CFD/MAY/2014. 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.