sebi:WTM/PS/33/CFD/SEPT/2014
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Facts / Headnote
Directions issued vide the interim order dated June 04, 2013 against the company, Plethico Pharmaceuticals Limited, its directors including Mr. Hitesh Thakar, the promoters and promoter group, revoked with immediate effect; matter referred for adjudication proceedings under sections 23E and 23H of the SCRA, 1956.
Provisions invoked
- s. 19
- s. 23I
- s. 12A
Parties
- Plethico Pharmaceuticals Limited
- Mr. Hitesh Thakar
- promoters and promoter group
- directors
Holding
The interim order dated June 04, 2013 against Plethico Pharmaceuticals Limited, its directors, promoters and promoter group was revoked, but the matter was referred for adjudication proceedings under Sections 23E and 23H of the SCRA for the Company's delay in complying with the minimum public shareholding (MPS) norms.
Full text
Page 2 of 4 view of his cessation as a director in the Company and the subsequent compliance with the MPS norms by the Company.
Page 3 of 4 shareholding from 77.77% to 73.68%. According to the Company, this had indirectly increased the public shareholding to 26.32%. I note from the shareholding pattern of the Company for the period ended December 31, 2013, that the promoters held 76.94% and the public shareholders were holding 23.06%. As per the shareholding pattern of the Company for the period that ended on March 31, 2014, the promoters' holding is shown as reduced to 73.68% and public shareholders were shown as holding 26.32%.
Page 4 of 4 Penalties By Adjudicating Officer) Rules, 2005, and such adjudicating officer shall conduct the inquiry in accordance with law.
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Source: SecMarx — sebi:WTM/PS/33/CFD/SEPT/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.