sebi:WTM/PS/72/CFD/OCT/2015
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Facts / Headnote
Interim order dated June 04, 2013 directed to stand withdrawn after delisting of the Company's equity shares from BSE; SEBI restrained from taking coercive action in the interim
Provisions invoked
- s. 19
- s. 32
- s. 12A
- s. 18(9)
- s. 18(5)
Regulations
- Reg. 3(2)
Parties
- Bagalkot Udyog Limited
- Ajay Kanoria
- Promoters and promoter group of Bagalkot Udyog Limited
- Directors of Bagalkot Udyog Limited
Holding
The interim order dated June 04, 2013 passed against the Company shall stand withdrawn immediately upon delisting of the Company's equity shares from BSE, without the need for a separate order, and in the interim SEBI shall not take any coercive action against the Company, its promoters, promoter group and directors.
Full text
Page 2 of 5 01, 2015 and requested that the same be considered. The following are the submissions of the Company made in its reply dated July 01, 2015:
Page 3 of 5 “As a consequence of delisting of the equity shares of the sick company M/s. Bagalkot Udyog Limited, SEBI to withdraw its Order dated 04.06.2013 and SEBI is restrained from adjudicating or taking action on the show cause notice issued under the said order against the company/the promoters of the company or the Director (including independent directors, if any) of the company, with immediate effect.” (h) The Company requested SEBI to drop the SCN issued vide the interim order. (i) With respect to its implementation of the BIFR Order, the Company submitted that –
Page 4 of 5 “27.22 ………………… The Bench therefore sanctioned the Modified Scheme, hereafter called as Modified Sanctioned Scheme (MSS-13), in exercise of the powers conferred on it under section 18(5) read with section 18(9) of SICA, 1985, for the rehabilitation of the Company. The Modified Sanctioned Scheme shall come into force with immediate effect with the following amendments to be incorporated in the MDRS:- ……………… (iii) In view of the observation made by the Bench at para-27.21 above, the promoters of the sick company (M/s Bagalkot Udyog Ltd) is permitted to delist its shares from the BSE and further directs deletion of the requirement of listing of the equity shares on the BSE of the Resulting Company (M/s Bagalkot Cement & Industries Limited) with proper Exit Option to purchase the existing public holding of equity shares of both the Companies by their respective promoters at the face values. Accordingly, clauses 10(e) a n d (f) of SS-07 are to be modified to read as under: (i) Clause 10(e): To delist the shares of BUL from BSE after giving an exit option to the shareholders of BUL at face value by the promoters of the company. (ii) Clause 10(f): BCIL’s promoters to give an exit option to the shareholders of BCIL at face value. (iv) As a consequence of delisting of the equity shares of the sick company M/s Bagalkot Udyog Ltd, SEBI to withdraw its Order dated 04.06.2013, and SEBI is restrained from adjudicating or taking action on the show cause notice issued under the sa
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Source: SecMarx — sebi:WTM/PS/72/CFD/OCT/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.