sebi:WTM/PS/56/CFD/JUN/2016
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Facts / Headnote
Interim order freezing voting rights and corporate benefits on excess promoter shareholding, restraining dealing in securities, restraining new directorships, directing quarterly compliance reports; treated as show cause notice
Provisions invoked
- s. 19
- s. 21
- s. 12A
Regulations
- Reg. 30(1)
- Reg. 30
Parties
- Krishan Kumar Parwal
- Sunita Parwal
- Vinod Kumar Parwal
- Nirmala Devi Parwal
- Basanti Devi Parwal
- Ramjanki Devi Parwal
- Hansraj Parwal
- H.R. Builders Ltd. (the Company)
Holding
SEBI held that the Company and its promoters evaded the minimum public shareholding (MPS) requirement of 25% under Rule 19A of the SCRR by reclassifying six promoters as public shareholders in 2010, and passed interim directions freezing excess promoter shareholding (60.24%), restraining dealings in securities and new directorships until compliance.
Full text
Page 2 of 15 1. Krishan Kumar Parwal 8,64,400 16.95 2. Sunita Parwal 80,100 1.57 3. Basanti Devi Parwal 1,10,100 2.16 4. Hansraj Parwal 2,00,100 3.92 5. Nirmala Devi Parwal 95,100 1.86
Page 3 of 15 to hold 48.56% as part of the public shareholding. This position continues as seen from the shareholding pattern of the Company as on March 31, 2016.
Page 4 of 15 (a) Basanti Devi Parwal, Hansraj Parwal and Ramjanki Devi Parwal have the same address as that of the continuing promoters; (b) The Annual Report of the Company for 2014 mentioned that Ramjanki Devi Parwal is a relative of a KMP; (c) From disclosures made under regulations 30(1) & (2) of the Takeover Regulations in the BSE website for the years 2012, 2014 and 2015, Vinod Kumar Parwal and Nirmala Devi Parwal were shown together with Krishnan Kumar Parwal and Sunita Parwal. It is observed that there are no disclosures for the year 2013.
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Source: SecMarx — sebi:WTM/PS/56/CFD/JUN/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.