sebi:WTM/PS/100/CFD/DEC/2015

SEBI · SEBI · 2013-06-04 · Prashant Saran, Whole Time Member

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Facts / Headnote

Interim order dated June 04, 2013 confirmed against the Company, its directors and promoters/promoter group

Provisions invoked

• s. 19
• s. 21
• s. 12A

Parties

• India Sugars and Refineries Limited
• its directors
• promoters and promoter group

Holding

SEBI confirmed the interim order dated June 04, 2013 against India Sugars and Refineries Limited, its directors and promoters/promoter group for failure to maintain the minimum public shareholding of 25%. The order remains in force till further directions.

Full text

Page 2 of 3 Company again requested for adjourning the hearing on the ground that it had to attend to matters coming up before the Hon’ble High Court/DRT/BIFR.

Page 3 of 3 the directions issued vide the interim order dated June 04, 2013 against the company, India Sugars and Refineries Limited, its directors, promoters and promoter group.

4. The Company finally appeared in the personal hearing held on September 18, 2015, when it was represented by Mr. Rahul Morarka, Joint Managing Director and Mr.P. S. Krishnamurthy, Manager-Finance. The representatives submitted that the Company is ‘loss making’ and a ‘BIFR company’ and stated that the promoters’ shareholding increased from 72% on account of implementation of the Scheme approved by the BIFR in the year 2000. The representatives submitted that there was no specific exemption from the BIFR with respect to their compliance with the MPS requirements and further stated that the trading of the shares of Company was suspended in BSE.

Source: SecMarx — sebi:WTM/PS/100/CFD/DEC/2015. 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.