sebi:WTM/PS/28/CFD/AUG/2013
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Facts / Headnote
Interim order dated June 04, 2013 revoked with immediate effect; no further action initiated
Provisions invoked
- s. 19
- s. 12A
Parties
- Jolly Board Limited
- its directors
- promoters
- promoter group
Holding
The Whole Time Member revoked the interim order dated June 04, 2013 issued against Jolly Board Limited, its directors, promoters and promoter group, and held that no further action as contemplated in paragraph 18 of the interim order was warranted.
Full text
Page 2 of 4 Company submitted that it received in-principle approval for the proposed delisting of equity shares from BSE vide its letter dated February 18, 2013. Pursuant to the offer letter, the public shareholders submitted their bids through the Reverse Book Building ("RBB") process through the electronic system of the BSE, which opened on May 27, 2013 and closed on May 31, 2013. The price discovered through RBB in accordance with the Delisting Regulations after closure of the bid period was 775/-. The promoter of the Company, Jolly Exports Private Limited, had announced the final price of 1000/- per equity share for accepting shares successfully tendered in the delisting offer. The Company had also submitted that the process of dispatch of the consideration to the equity shareholders whose shares were accepted under the delisting offer was completed on June 10, 2013.
Page 3 of 4 announcement about the offer for Delisting of Equity Shares." It was further submitted that a statement was also made in the audited financial results published in newspapers on May 05, 2013 that "6. The Company has received from BSE Ltd. 'In-Principle' approval to delist its Equity Shares from the Bombay Stock Exchange. The Promoters are in the process of finalizing a draft of public announcement with Merchant Bankers". The Company further submitted that both the aforesaid documents would indicate that the public announcement to be made by the promoters was linked to the finalisation of the annual accounts and the promoters were waiting for such finalisation.
Page 4 of 4 bids and who had tendered their shares. The Company has also submitted that the payment due to the remaining public shareholders who would tender their shares during the exit period is already deposited in the escrow account. Considering the above, I am of the view that the
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Source: SecMarx — sebi:WTM/PS/28/CFD/AUG/2013. 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.