sebi:WTM/PS/13/CFD/MAY/2014
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Facts / Headnote
Interim order dated June 04, 2013 revoked with immediate effect against the company, its directors, promoters and promoter group; matter referred for adjudication under sections 23E and 23H of the SCRA
Provisions invoked
- s. 19
- s. 21
- s. 23I
- s. 12A
Parties
- Elantas Beck India Limited
- Elantas GmbH
- Directors of Elantas Beck India Limited
- Promoter group of Elantas Beck India Limited
Holding
The Company complied with the minimum public shareholding requirement only on March 04, 2014, after the June 03, 2013 due date, so the interim directions dated June 04, 2013 were revoked with immediate effect and the matter was referred for adjudication under sections 23E and 23H of the SCRA.
Full text
Page 2 of 5 (ii) Offer for Sale ("OFS") : An OFS for selling 10,74,555 equity shares (representing 13.55%) was launched on February 11, 2013 for reducing the promoter's (i.e., Elantas GmbH) shareholding from 88.55% to 75%, at a floor price of ₹ 650/-. At this floor price, the forthcoming demand was only for 7,85,198 shares. Post this OFS, the shareholding of the promoter was brought down from 88.55% to 78.65%.
Page 3 of 5 aggregate consideration of ₹ 13,89,44,590/-. Pursuant to the OFS, the shareholding of the promoter, as on the date of the reply, reduced to 59,45,761 equity shares in the Company, representing 75%. Consequently, the public shareholding increased to 19,81,921 shares representing 25%. The Company is now in compliance with the MPS requirement prescribed under the SCRR read with the Listing Agreement. The Company requested that the interim order be lifted and all proceedings against the promoters and directors emanating there from be dropped. The promoters and directors of the Company remain fully committed to complying with all the requisite provisions, rules and regulations framed by SEBI from time to time.
Page 4 of 5 (d) In view of the Company's compliance with the MPS requirement, it requested that the interim order be lifted and all proceedings emanating therefrom be dropped as against the Company, its directors and promoter.
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Source: SecMarx — sebi:WTM/PS/13/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.