sebi:WTM/PS/63/CFD/JAN/2015
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Facts / Headnote
Interim order dated June 04, 2013 revoked with immediate effect; matter referred for adjudication proceedings under Sections 23E and 23H of the Securities Contracts (Regulation) Act, 1956
Provisions invoked
- s. 19
- s. 23I
- s. 12A
Parties
- Parshwanath Corporation Limited
- Its directors, promoters and promoter group
Holding
The interim order dated June 04, 2013 against Parshwanath Corporation Limited, its directors, promoters and promoter group is revoked with immediate effect as minimum public shareholding compliance has now been achieved. The matter is referred for adjudication proceedings under Sections 23E and 23H of the Securities Contracts (Regulation) Act, 1956 for delayed compliance and use of an unapproved method.
Full text
Page 2 of 6 Company was considered and the matter was adjourned to September 24, 2014. Due to certain administrative exigencies, the hearing was rescheduled to September 26, 2014. In the meantime, the Company vide its letter dated September 20, 2014, filed its written
Page 3 of 6 shares were issued which had to be allotted to the shareholders. However, the allotment could not be made because of interim order. e. For making allotment of 'bonus shares', it was asked by BSE to fix the record date after getting the necessary exemption/ approval from SEBI, about dilution of the shares by way of sale and issue of 'bonus shares'. Thus allotment of 'bonus shares' was held up. f. After the sale of shares by promoters and issue of bonus shares, the promoters' holding would be 74.76% and the public shareholding would be 25.24%. g. The Company convened the Board Meeting on September 23, 2014, for allotment of bonus shares to the public shareholder only and has taken steps of making listing application to BSE.
Page 4 of 6 way of sale in open market and issue of 'bonus shares'. I note that the Company in its submission has requested relaxation for not approaching SEBI for previous approval for disposal of shares and requested to condone the delay.
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Source: SecMarx — sebi:WTM/PS/63/CFD/JAN/2015. 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.