sebi:WTM/PS/31/CFD/AUG/2014
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Facts / Headnote
Directions issued vide the interim order dated June 04, 2013 against the company, SIEL Financial Services Limited, its directors, promoters and promoter group are confirmed.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- SIEL Financial Services Limited
- Directors of SIEL Financial Services Limited
- Promoters and promoter group of SIEL Financial Services Limited
Holding
SEBI confirmed the interim order directions against SIEL Financial Services Limited, its directors, promoters and promoter group for continuous non-compliance with minimum public shareholding (MPS) requirements under rule 19A of the SCRR and Clause 40A of the Listing Agreement read with section 21 of the SCRA.
Full text
Page 2 of 4 (b) The Solvent Extraction Plant was shut down in 1995 in view of continuing heavy losses in operations. Due to heavy continuous losses, 50% of the Company's net worth was eroded and the Company became a potentially sick company. When the losses continued and the Company was likely to become a sick industrial company, the Board of Directors decided to merge another company "SIEL Financial Services Limited", a wholly owned subsidiary of Mawana Sugars Limited with Shriram Agro- Tech Industries Limited (the erstwhile name of the Company).
Page 3 of 4 letters dated February 03, 2014, March 14, 2014 and May 07, 2014, reiterated the request for sale of 20% promoter's stake at negotiated price to interested investors.
Page 4 of 4 Company/promoter may note that this is not the appropriate forum for dealing with such requests. Moreover, a reading of the above submission made vide the Company's relies including its letter dated May 07, 2014, would indicate that the same is not a definite proposal, as the promoter is still 'exploring' the possibility of off-loading shares. A concrete proposal with complete details has not even been submitted thereafter.
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Source: SecMarx — sebi:WTM/PS/31/CFD/AUG/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.