sebi:WTM/PS/43/CFD/MAY/2016
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Facts / Headnote
Interim order dated June 04, 2013 confirmed against Citurgia Biochemicals Limited, with clarification that the directions will not cause hindrance for revocation of suspension or MPS compliance steps.
Provisions invoked
- s. 19
- s. 3(1)
- s. 12A
Parties
- Citurgia Biochemicals Limited
Holding
The directions issued in the interim order dated June 04, 2013 against Citurgia Biochemicals Limited are confirmed, but clarified that such directions will not cause any hindrance for revocation of trading suspension or for steps taken by the Company for compliance with MPS requirements or implementation of BIFR directions.
Full text
Page 2 of 8 in accordance with law. The interim order was to be treated as a show cause notice by those companies for action contemplated in paragraph 18 thereof.
Page 3 of 8 oral submissions. The representatives of the Company also requested for time for filling of the written submissions. The request was acceded to and a time of one week was granted for the same.
Page 4 of 8 d. Consequent to the same, the equity share capital of the Company reduced by 95% and the paid up capital, post reduction stood at 1,69,063 equity shares of `10 each. Post reduction of the equity capital, the Company allotted 62,50,000 equity shares of `10 each to the promoter, namely, Elite Capital Management Services Limited. With this, the paid up capital increased to 64,19,063 equity shares of `10 each fully paid up. The promoter shareholding had increased to 98.66% and the public shareholding decreased to 1.34%. e. Subsequently, again pursuant to the directions given by BIFR vide its order dated October 07, 2010 read with order dated July 02, 2009, as part of the scheme, the Company had further allotted 2,00,00,000 equity shares of `10 each on April 17, 2010 to the promoters’ group entities. Pursuant to such allotment the promoter shareholding further increased to 99.67% from 98.66%. f. Thereafter, the Company vide its miscellaneous applications bearing number 248/2012 (dated July 11, 2012) and 296/2012 (August 07, 2012) had sought the approval of BIFR for issuance of shares/ warrants to non-promoters for bringing the public shareholding of the Company in consonance with the provisions of the MPS requirements. The said applications were disposed of by BIFR vide its order dated November 01, 2012, by granting the approvals as sought for by the Company. The following directions were also issued by BIFR vide the said order dated November 01, 2012: - The validity
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Source: SecMarx — sebi:WTM/PS/43/CFD/MAY/2016. 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.