sebi:WTM/PS/51/CFD/OCT/2013
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Facts / Headnote
Directions vide interim order dated June 04, 2013 revoked with immediate effect; Company warned; no further action as contemplated in paragraph 18 of interim order
Provisions invoked
- s. 19
- s. 12A
Parties
- Best Eastern Hotels Limited
- its directors
- promoters
- promoter group
Holding
The directions issued vide the interim order dated June 04, 2013 against Best Eastern Hotels Limited, its directors, promoters and promoter group are revoked with immediate effect, with a warning to the Company and no further action under paragraph 18 of the interim order.
Full text
Page 2 of 3 process of giving presentations to the strategic investors so that OFS is successful. It has also been said that its promoters were not able to get the fair value of the shares as the market value was low as compared to the expected enterprise value of the Company. Due to this, the OFS by the promoters of the Company got delayed.
Page 3 of 3 11(4) and 11B thereof and Section 12A of the Securities Contracts (Regulation) Act, 1956, hereby revoke the directions vide the interim order dated June 04, 2013 against the Company, Best Eastern Hotels Limited, its directors, promoters and promoter group, with immediate effect.
The Company has further submitted that when it approached other consultants, it realised that the process is not lengthy. It then filed the relevant documents with BSE for OFS. As per the Company, the concerned broker in the meantime intimated BSE that the promoters of the Company have not taken its consent. The Company discussed the matter with BSE and provided the name of new broker and accordingly it completed with the OFS.
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Source: SecMarx — sebi:WTM/PS/51/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.