sebi:WTM/PS/49/CFD/OCT/2013
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Facts / Headnote
Interim order directions revoked; no penalty imposed
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 95
Parties
- Magnanimous Trade & Finance Limited
- its directors
- promoters
- promoter group
Holding
The Whole Time Member revoked the directions issued against Magnanimous Trade & Finance Limited, its directors, promoters and promoter group vide the interim order dated June 04, 2013, with immediate effect, and declined to impose any penalty, as the company had complied with the minimum public shareholding norms.
Full text
Page 2 of 2 ballot on May 23, 2013. Thereafter, the Company has convened the Board Meeting on May 23, 2013 wherein the resolution of issue of bonus shares was re-confirmed.
5. I note that the Company has achieved the MPS requirements as stipulated under the SCRR on June 05, 2013. In this regard, I find that the Company had taken step (i.e. announcement of bonus issue on May 23, 2013) which is irrevocable in terms of Regulation 95 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, before June 03, 2013 and has allotted the bonus shares to the public shareholders on June 05, 2013. I do not find it necessary to impose any penalty or other directions on the Company, its directors and promoters. There would therefore be no need for continuing with the directions issued against the Company, its directors and promoters vide the interim order.
6. Considering the fact that the said company has complied with the minimum public shareholding norms, I, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(2)(j), 11(4) and 11B thereof and section 12A of the Securities Contracts (Regulation) Act, 1956, hereby revoke the directions issued vide the interim order dated June 04, 2013 against the company, Magnanimous Trade & Finance Limited, its directors, promoters and promoter group, with immediate effect.
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Source: SecMarx — sebi:WTM/PS/49/CFD/OCT/2013. 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.