sebi:WTM/PS/50/CFD/DEC/2014
Facts / Headnote
Interim directions dated June 04, 2013 revoked with immediate effect; matter referred for adjudication under sections 23E and 23H of the SCRA
Provisions invoked
- s. 19
- s. 21
- s. 23I
- s. 12A
Regulations relied on
- Equity Listing Agreement — 40A
- SCRR, 1957 — 19(2)(b)
- SCRR, 1957 — 19A
Parties
- Saptarishi Agro Industries Limited
- Calibre Rehabs Pvt. Ltd.
- Tamil Nadu Industrial Development Corporation Limited
- Directors and promoter group of Saptarishi Agro Industries Limited
Holding
The interim directions dated June 04, 2013 against Saptarishi Agro Industries Limited, its directors, promoters and promoter group were revoked with immediate effect after the Company achieved minimum public shareholding compliance on November 21, 2014. The case was referred for adjudication under sections 23E and 23H of the SCRA for the prior failure to comply within the due date.
Full text
Page 2 of 4 thereafter from the Company regarding its compliance with MPS requirements, SEBI in continuation of the instant proceedings afforded an opportunity of personal hearing to the Company on July 02, 2014 and the same was intimated to the Company vide SEBI letter dated June 05, 2014. However, the Company vide its letter dated June 30, 2014, requested SEBI to adjourn the hearing and also submitted the following : (a) Due to severe electricity shortage, the Company had incurred regular cash losses from November 01, 2008 and has stopped operations since February 2011. All its employees were also relieved from their services in December 2012. (b) The Company has only one manager on its rolls. (c) The Company faces severe fund crunch and there is no staff to expedite collection of information. The documents relevant to the interim order could not be accessed easily as they are not in one office and the Company needs time in order to collect them from various offices at Chandigarh and New Delhi and accordingly has requested for extension of time to appear in the personal hearing.
Page 3 of 4 6. Thereafter, vide an e-mail dated November 24, 2014, the Company informed SEBI that the Company's promoter, Calibre Rehabs Pvt. Ltd., has reduced its shareholding from 74.57% to 66.05% through an OFS by selling 29,00,000 shares on the BSE. It was also informed that the total promoters' shareholding post the OFS is at 74.83%, as per details below:
Page 4 of 4 continuous listing requirements mandated under rule 19A of the SCRR. As long as the Company remains listed, it shall comply with the applicable law including the continuous listing requirements as stipulated. Therefore, such submissions cannot be accepted.
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Source: SecMarx — sebi:WTM/PS/50/CFD/DEC/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.