sebi:WTM/PS/66/CFD/DEC/2013
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Facts / Headnote
Directions issued vide the interim order dated June 04, 2013 revoked with immediate effect; company warned but no further action initiated.
Provisions invoked
- s. 19
- s. 12A
Parties
- Dr. Agarwal's Eye Hospital Limited
- directors
- promoters
- promoter group
Holding
The Whole Time Member revoked the interim order directions dated June 04, 2013 against Dr. Agarwal's Eye Hospital Limited, its directors, promoters and promoter group, as the company had achieved compliance with the minimum public shareholding (MPS) norms. The company was warned for delay in compliance but no further action was initiated.
Full text
Page 2 of 3 4. I have considered the reply of the Company, the letters submitted and the submissions made during the personal hearing. I note that ESPS is a scheme under which the company offers shares to its employees as part of a public issue or otherwise.
Page 3 of 3 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, Dr. Agarwal's Eye Hospital Limited, its directors, promoters and promoter group, with immediate effect.
5. The Company has submitted that it had examined various methods to comply with the MPS norms and submitted the proposal of ESPS to SEBI vide its letter dated April 05, 2013 for approval. It received the approval from SEBI on May 14, 2013. On receipt of approval, the Board of Directors of the Company had approved the proposed ESPS and convened an Extra Ordinary General Meeting on June 25, 2013 for shareholders' approval. Pursuant to the same, as per the Company the allotment of 2,00,000 equity shares was approved by its Board of Directors on August 05, 2013 and after completing other formalities, it forwarded the listing application of such equity shares to BSE on September 27, 2013.
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Source: SecMarx — sebi:WTM/PS/66/CFD/DEC/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.