sebi:WTM/PS/140/CFD/JAN/2016
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Facts / Headnote
Directions issued vide interim order dated June 04, 2013 confirmed; order to remain in force till further directions
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Kusum Iron & Steel Limited
- Directors of Kusum Iron & Steel Limited
- Promoters and promoter group of Kusum Iron & Steel Limited
Holding
The Whole Time Member confirmed the directions issued vide the interim order dated June 04, 2013 against Kusum Iron and Steel Limited, its directors, promoters and promoter group for failure to achieve minimum public shareholding of 25%. This Order shall remain in force till further directions.
Full text
Page 2 of 7 2. Kusum Iron & Steel Limited (hereinafter referred to as "the Company") is one of such companies against whom the interim order was passed. The equity shares of the Company are listed on the Bombay Stock Exchange Limited ("BSE").
Page 3 of 7 amended Clause 40A of the Listing Agreement, inter alia, provided the following methods for complying with the MPS requirement: a. Issuance of shares to the public through prospectus, b. Offer for sale of shares held by promoters to public through prospectus, c. Sale of shares held by promoters through Stock Exchange Mechanism i.e. OFS through Stock Exchange, d. Institutional Placement Programme, e. Rights Issues to public shareholders, with promoters/ promoter group shareholders forgoing their rights entitlement, f. Bonus Issues to public shareholders, with promoters/ promoter group shareholders forgoing their bonus entitlement, g. Any other method as may be approved by SEBI, on a case to case basis.
Page 4 of 7 20 Raj Kumar Modi 10,000 0.42 21 Kusum Modi 13,000 0.54 22 Neem Chand Sushil Kumar 20,150 0.84 23 Sohanlal Ramesh Kumar 24,000 1 24 Naresh Kumar Agrawala & Sons 3,000 0.12 25 Pawan Kumar Agrawala & Sons 4,000 0.17 26 Ramesh Kumar Agrawala & Sons 4,000 0.17 27 Mitruka Tea Co. Pvt. Ltd. 2,04,000 8.47 28 Annapurna Plantions Pvt. Ltd. 2,04,700 8.5 29 Idea Sale Pvt. Ltd. 2,29,900 9.55 30 Brind Niketan Pvt. Ltd. 1,90,700 7.92 31 Simco Merchandise Pvt. Ltd. 1,67,345 6.95 Total 18,75,500 77.89
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Source: SecMarx — sebi:WTM/PS/140/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.