sebi:WTM/PS/28/CFD/JULY/2014
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Facts / Headnote
Directions issued vide the interim order dated June 04, 2013 against Classic Electricals Limited, its directors, promoters and promoter group, and Shikhar Leasing & Trading Limited, its directors, promoters and promoter group, are confirmed.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Regulations
- Reg. 27
Parties
- Classic Electricals Limited
- Shikhar Leasing & Trading Limited
Holding
SEBI confirmed the directions issued in the interim order dated June 04, 2013 against Classic Electricals Limited and Shikhar Leasing & Trading Limited, their directors, promoters and promoter group, for non-compliance with minimum public shareholding requirements.
Full text
Page 2 of 4 Floor, Peninsula Business Park, Tower B, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013. Thereafter, vide another e-mail dated June 23, 2014, Classic submitted that the 'concerned person' was not available on the date of hearing. In view of the same, the opportunity of personal hearing was again afforded to it and fixed on July 10, 2014. The Company, vide email dated July 02, 2014, stated that as it is contemplating delisting, it would not serve any purpose in attending the hearing. However, vide email dated July 10, 2014, Classic sought for an adjournment of the hearing fixed on that date. On the request of Classic, the hearing was rescheduled to July 25, 2014.
Page 3 of 4 respect to Shikhar, the promoters' shareholding admittedly (vide Shikhar's letter dated May 8, 2013) was at 90.67%. The public shareholding was at 9.33%. The same shareholding pattern continues in the company as can be seen from its shareholding pattern for the quarter ended March 31, 2014 disclosed to BSE. From the above, it can be found that the Companies were non-compliant with the MPS requirements and such non-compliance continues till date.
Page 4 of 4 12. Accordingly, I, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(2)(j), 11(4) and 11B thereof and section 12A of the Securities Contracts (Regulation) Act, 1956, hereby confirm the directions issued vide the interim order dated June 04, 2013 against –
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Source: SecMarx — sebi:WTM/PS/28/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.