sebi:WTM/PS/47/CFD/NOV/2014
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Facts / Headnote
Interim order dated June 04, 2013 revoked; matter referred for adjudication proceedings under sections 23E and 23H of the SCRA
Provisions invoked
- s. 19
- s. 23I
- s. 12A
Parties
- Mudra Lifestyle Limited
- its directors
- promoters
- promoter group
Holding
SEBI revoked the interim order dated June 04, 2013 against Mudra Lifestyle Limited, its directors, promoters and promoter group, having achieved compliance with minimum public shareholding requirements, and referred the matter for adjudication proceedings under sections 23E and 23H of the SCRA for the period of non-compliance.
Full text
Page 2 of 5 (Substantial Acquisition of Shares and Takeovers) Regulation, 1997. Pursuant to the acquisition, the continuing promoters, namely, Mr. Murarilal Agarwal, Mr. Ravindra Agrawal and Mr. Vishwambharlal Bhoot ("the original promoters") held 19.95% of the shareholding in the Company.
Page 3 of 5 Company is presently under the corporate debt restructuring mechanism in order to restructure debts. (j) They would be renewing their efforts to get the original promoters to dilute their holding in line with the SHA and the settlement agreement.
Page 4 of 5 7. The amended provisions of rule 19A of the SCRR came into effect from June 04, 2010. In terms of rule 19A(2), "Where the public shareholding in a listed company falls below twenty five per cent. at any time, such company shall bring the public shareholding to twenty five per cent. within a maximum period of twelve months from the date of such fall in the manner specified by the Securities and Exchange Board of India.". The Company was therefore mandated to achieve compliance with the minimum public shareholding requirements on or before July 22, 2012 {i.e., twelve months' period from July 23, 2011 (the date when the shareholding fell below 25%)}. This is not admittedly done.
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Source: SecMarx — sebi:WTM/PS/47/CFD/NOV/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.