sebi:WTM/PS/15/CFD/JUNE/2014
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Facts / Headnote
Interim order dated June 04, 2013 revoked; Company warned for delayed compliance with MPS requirements; no further action initiated.
Provisions invoked
- s. 19
- s. 12A
Parties
- Integrated Technologies Limited
Holding
The Company delayed in complying with the minimum public shareholding (MPS) requirements under the SCRR and Listing Agreement, but having achieved compliance, the interim order dated June 04, 2013 was revoked and the Company was warned, with no further action initiated against it, its directors, promoters and promoter group.
Full text
Page 2 of 3 4. SEBI had perused such documents and also the disclosures made in the website of BSE. During examination, BSE had informed SEBI that -
Page 3 of 3 has also stated that there is no change in the list of promoters/promoter group or any increase in their shareholding pre or post OFS. In view of the above, it could be accepted that the Company complied with the MPS norms on June 28, 2013, when the OFS had concluded. In terms of rule 19A, a listed company was statutorily obligated to comply with continuous listing norms (i.e., of maintaining public shareholding of at least 25%) on or before June 03, 2013. However, as mentioned above, the Company had belatedly achieved compliance.
(a) The promoter, Mr. Rajeev Bali had sold 5,15,700 shares through OFS ; and (b) There were errors in the disclosures under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("the Takeover Regulations") and the SEBI (Prohibition of Insider Trading) Regulations, 1992 ("the PIT Regulations") submitted by the Company. Upon BSE bringing the same to the notice of the Company, the same were rectified and the rectified disclosures were submitted ;
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Source: SecMarx — sebi:WTM/PS/15/CFD/JUNE/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.