sebi:WTM/PS/22/CFD/JULY/2014
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Facts / Headnote
Interim order dated June 04, 2013 confirmed against the company, its directors, promoters and promoter group; order to remain in force till further directions.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Monotype India Limited
- directors of Monotype India Limited
- promoters and promoter group of Monotype India Limited
Holding
SEBI confirmed the interim order dated June 04, 2013 against Monotype India Limited, its directors, promoters and promoter group for failure to maintain the minimum public shareholding of 25% as required under rule 19A of the SCRR and Clause 40A of the Listing Agreement.
Full text
Page 2 of 3 Company before the Hon'ble High Court at Calcutta for approval. The representative also sought liberty to file written submissions along with supporting documents in the matter.
Page 3 of 3 8. In view of the above, I hereby find that the Company has failed to comply with the MPS requirements prescribed vide such statutory provisions within the stipulated timeline. The Company is also in continuous violation of these norms.
4. Thereafter, vide letter dated June 30, 2014 (received in SEBI on July 11, 2014), the Company, while requesting SEBI to vacate the prohibition imposed on the promoters from dealing in the securities market, inter alia stated the following : (i) The management of the Company was taken over by way of open offers and because of the same, the promoter's shareholding increased from 74.22% to 75.27%. (ii) The Company has preferred a Scheme of Arrangement i.e., merger, which is presently pending for final orders before the Hon'ble Calcutta High Court. (iii) On sanction of the Scheme, the promoter's shareholding would be reduced to 23.32%.
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Source: SecMarx — sebi:WTM/PS/22/CFD/JULY/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.