sebi:WTM/PS/71/CFD/JAN/2014
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Facts / Headnote
Interim directions modified to permit the Company to proceed with voluntary delisting; delisting to be completed by June 06, 2014
Provisions invoked
- s. 19
- s. 12A
Parties
- EICL Limited
- M/s DBH International Pvt. Limited
Holding
The interim order directions were modified so as not to hinder the Company's voluntary delisting process, permitting promoter M/s DBH International Pvt. Limited to buy equity shares from public shareholders as part of the delisting offer, with the delisting process to be completed by June 06, 2014.
Full text
Page 2 of 4 a. The Company in order to ensure compliance with the requirement of MPS had examined the options available. It had opted to sell 25,00,000 equity shares held by the promoters through the secondary market. However, due to illiquidity in the shares of the Company, the promoter was able to sell only 10,00,000 equity shares (in the year 2011) i.e. about 2% of the total equity share capital of the Company. b. Thereafter, the Company had examined the other methods available to comply with the MPS but none of the methods were found feasible. In the meantime, one of the Company's promoter, M/s. DBH International Pvt. Limited, holding 51.03% of the paid up capital had expressed its intention for the voluntary delisting of the equity shares of the Company in the manner as provided in the SEBI (Delisting of Equity Shares) Regulations, 2009 (the 'Delisting Regulations'). c. The Board of Directors of the Company in their meeting held on May 03, 2013 had approved the resolution of authorising the delisting of the shares. Thereafter, the postal ballot process for seeking approval of the public shareholders of the Company for delisting of shares was completed and the scrutinizer vide its report dated June 06, 2013, reported that 49,71,179 (equity shares) votes were casted in favour of the resolution and 21,716 (equity shares) votes were casted against the resolution i.e., the ratio of public shareholders voting for delisting was 247:1. d. The Company has also filed an applicati
Page 3 of 4 from the submissions of the Company that the voluntary delisting has been approved and the resolution has been passed by its shareholders.
Page 4 of 4 stock exchanges or till the time the Company becomes compliant with the MPS norms, whichever is earlier. 7. This Order shall come into force with immediate effect.
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Source: SecMarx — sebi:WTM/PS/71/CFD/JAN/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.