sebi:WTM/PS/33/CFD/AUG/2015
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Facts / Headnote
Extension of time granted to the Company to complete the voluntary delisting process on or before October 02, 2015, with directions re-imposed and continued as specified.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 27(1)
- Reg. 25A
- Reg. 8(1)(b)
Holding
SEBI granted the Company an extension of three months from July 03, 2015 to complete the voluntary delisting process, directing that the delisting be completed on or before October 02, 2015, with the direction in paragraph 17(b) of the interim order to be re-imposed if the process is not completed successfully within that period.
Full text
Page 2 of 5 (iii) The direction issued in paragraph 17(b) of the interim order dated June 04, 2013 shall be re-imposed immediately (without the need for passing of a separate order) in case the delisting process of the Company is not completed successfully within the period directed in sub-paragraph (ii) above. (iv) The directions contained in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue to be in effect till such time the Company is delisted from the stock exchanges or till the time the Company becomes compliant with the MPS norms, whichever is earlier.
Page 3 of 5 its shareholders, amendments were made to the SEBI (Delisting of Equity Shares) Regulations, 2009 (“the Delisting Regulations”) vide notification dated March 24, 2015. The Company submitted that it qualified as a “small company” under the amended Chapter VII of the Delisting Regulations and therefore its promoters initiated the process again under the revised regulations. The Company also submitted that BSE, vide its letter dated June 23, 2015, had granted in-principle approval for the voluntary delisting programme of the Company. The Company further submitted that it expects to complete the delisting process by September 25, 2015 and requested SEBI to grant extension of time for completion of all the formalities related to its delisting process by atleast 3 months in terms of regulation 25A of the Delisting Regulations. This request for extension of time was also reiterated by the Company vide its letter dated July 03, 2015.
Page 4 of 5 that the promoters have fixed the exit price at Rs.10/- which is stated to be higher that the Merchant Banker recommended floor price of Rs.4.39/- per share.
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Source: SecMarx — sebi:WTM/PS/33/CFD/AUG/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.