sebi:WTM/PS/133/CFD/JAN/2016
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Facts / Headnote
Interim order dated June 04, 2013 confirmed against the Company, its directors, promoters and promoter group for failure to maintain minimum public shareholding.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Sanghvi Asbestos Cements Limited
- Directors of Sanghvi Asbestos Cements Limited
- Promoters and promoter group of Sanghvi Asbestos Cements Limited
Holding
The interim order dated June 04, 2013 against Sanghvi Asbestos Cements Limited, its directors, promoters and promoter group is confirmed for failure to maintain the minimum public shareholding of 25%.
Full text
Page 2 of 3 of the interim order and advising to reply. The letter issued by SEBI was delivered except to one of the directors namely Mr. Suresh Joat, however, no reply was received. In view of the same, another letter dated November 09, 2015, was issued to the Company and its directors advising therein these to reply to the interim order within 2 weeks. This letter also stated that in case of failure to file reply, it will be deemed that the Company has no submissions to offer and the matter will be proceeded with the material available on record. This time again no reply was received from the Company or its directors. In view of the same, it is considered that further opportunities to the Company to file reply/ personal hearing would not be required. Accordingly, I proceed to decide the matter on merits
Page 3 of 3 11(4) and 11B thereof and Section 12A of the Securities Contracts (Regulation) Act, 1956, hereby confirm the directions issued vide the interim order dated June 04, 2013 against the Company, Sanghvi Asbestos Cements Limited, its directors, promoters and promoter group.
4. While proceeding further, I have considered the interim order passed in the matter against the Company, its promoters and directors. The interim order was issued against the Company as it had failed to maintain the MPS of 25% as mandated under Rule 19A of the SCRR and Clause 40A of the Listing Agreement read with section 21 of the Securities Contract (Regulation) Act, 1956 (‘SCRA’). As per the last filing of shareholding pattern of the Company for the quarter ended June 2013, as seen in the BSE website, the promoters hold 79.21% and the public holds only 20.79%. The Company is therefore in violation of the MPS requirements. I note that the Company has not filed any response in its defence.
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Source: SecMarx — sebi:WTM/PS/133/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.