sebi:WTM/PS/127/CFD/JAN/2016
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Facts / Headnote
Directions issued vide the interim order dated June 04, 2013 against Shayona Petrochem Limited, its directors, promoters and promoter group are confirmed; order to remain in force till further directions.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Shayona Petrochem Limited
- its directors
- promoters
- promoter group
Holding
SEBI confirmed the directions issued vide the interim order dated June 04, 2013 against Shayona Petrochem Limited, its directors, promoters and promoter group for failure to maintain the minimum public shareholding (MPS) of 25%.
Full text
Page 2 of 3 (hriday01@gmail.com) dated July 17, 2014, requested for a copy of the interim order and also provided the correspondence address of the Company. The said e-mail confirmed that Mr. Lalit Patel will attend the personal hearing. However, the personal hearing was deferred due to certain administrative exigencies, an intimation regarding the same was given vide e-mail dated July 18, 2014. Vide this e-mail a copy of the interim order was also forwarded to the Company. However, no reply to the interim order was received from the Company.
Page 3 of 3 and Clause 40 A of the Listing Agreement read with Section 21 of the SCRA, and such non-compliance being continuous in nature, it becomes necessary for SEBI, to confirm the directions issued vide the interim order against the Company, its directors and promoters/ promoter group. Further, for proper regulation of the securities market and in view of the continuing nature of the violations committed by the Company, SEBI may also initiate other action, as appropriate in law, against the Company, its directors and promoters.
4. The Company was afforded another opportunity of personal hearing on July 02, 2015. The Company was also intimated about the personal hearing vide e-mail dated May 27, 2015 to hriday01@gmail.com. In reply, one Mr. A.L. Makhija vide e-mail (vjinvest@rediffmail.com) dated June 26, 2015 replied that he is not associated with the Company since past two years and suggested that Mr. Lalit Patel would be the right person to contact in this regard. Upon this, a letter dated July 30, 2015, enclosing therewith the interim order was issued to the Company. The letter advised the Company to confirm the appearance for the personal hearing. However, on the date fixed for the personal hearing, no one turned up. Considering that reasonable opportunities of personal hearing have already been afforded to the Company for making the
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Source: SecMarx — sebi:WTM/PS/127/CFD/JAN/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.