sebi:WTM/PS/21/CFD/JULY/2015
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Facts / Headnote
Interim order directions dated June 04, 2013 against Hindustan Wires Limited, its directors, promoters and promoter group revoked with immediate effect; matter referred for adjudication proceedings under Sections 23E and 23H of the SCRA.
Provisions invoked
- s. 19
- s. 21
- s. 23I
- s. 12A
Parties
- Hindustan Wires Limited
- its directors, promoters and promoter group
Holding
The interim order directions dated June 04, 2013 against Hindustan Wires Limited, its directors, promoters and promoter group are revoked because the Company achieved compliance with the minimum public shareholding requirement of 25% on March 23, 2015 through an offer for sale. The matter is referred for adjudication proceedings under Sections 23E and 23H of the SCRA for failure to comply within the stipulated period.
Full text
Page 2 of 5 (BIFR). Due to the loss suffered, the Company has not paid any dividend for more than 23 years. b. The promoters had infused Rs. 8 crore as stipulated in the modified rehabilitation scheme approved by Appellate Authority for Industrial & Financial Reconstruction(AAIFR) in Appeal No. 282/2002 vide order dated November 8,
Page 3 of 5 8. I have considered the submissions made by the Company and other material available on record.The interim order was issued against the Company as it failed to maintain the minimum public shareholding 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").
Page 4 of 5 Sr. no Name of Promoter Pre-OFS (no. of shares) Pre-OFS (% Holding) Shares offered in OFS % ofshares offered Post-OFS (% Holding) 1 J. Boseck& Co. (P) Ltd., 1,30,500 1.33 1,30,000 1.32 0.01 2 JB Commercial Company (P) Ltd., 2,19,182 2.23 2,15,000 2.19 0.04 3 Mr. Uma Shankar Bhartia 1,86,402 1.9 1,85,000 1.89 0.01 4 Kashipur Holdings Limited 80,00,000 81.47 10,70,000 10.9 70.57
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Source: SecMarx — sebi:WTM/PS/21/CFD/JULY/2015. 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.