sebi:WTM/PS/73/CFD/FEB/2015
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Facts / Headnote
Interim order directions dated June 04, 2013 revoked against the Company, its directors, promoters and promoter group; matter referred for adjudication proceedings under sections 23E and 23H of the SCRA for non-compliance with MPS requirements.
Provisions invoked
- s. 19
- s. 21
- s. 23I
- s. 32
- s. 12A
Parties
- Neycer India Limited
- directors
- promoters
- promoter group
Holding
The directions issued vide the interim order dated June 04, 2013 against Neycer India Limited, its directors, promoters and promoter group are revoked with immediate effect, and the matter is referred for adjudication proceedings under sections 23E and 23H of the SCRA for non-compliance with the minimum public shareholding requirements.
Full text
Page 2 of 10 1994 (SS-94). As SS-94 failed to revive the Company, the Company approached the BIFR and a Modified Rehabilitation Scheme ("MRS") was sanctioned vide Order dated October 17, 2008. c) The Company has commenced implementation of the Scheme by August 2010 and the Company has taken all necessary steps for implementation of the BIFR's Order. The steps taken by the Company to implement the Scheme was furnished to the BSE vide Company's letter dated April 16, 2014. However, necessary steps for restructuring of the capital as specified in the Order is pending, awaiting the receipt of requisite listing approvals from BSE. Once the capital restructuring is completed coupled with the current year's working (year ended March 31, 2014), the net-worth of the Company is expected to turn positive. d) The trading in the equity shares of the Company was suspended by BSE with effect from December 21, 2004 due to non-compliance with the Listing Agreement. As the Company fulfilled all the conditions of listing, BSE revoked the suspension on July 17, 2012. e) As regards non-compliance with the MPS requirements, the Company maintained the following percentages of public shareholding since 2010 till 2014 : Category 31.03.2010 31.03.2011 31.03.2012 31.03.2013 31.03.2014 Promoters 77.99% 77.99% 77.99% 77.99% 72.43% Public 22.01% 22.01% 22.01% 22.01% 27.57%
Page 3 of 10 into equity shares. Accordingly, the Company issued 40,00,000 shares to its promoter shareholder/holding company as under : On March 29, 1995, the Company allotted 20,00,000 shares by conversion of loan brought in by its promoters ; and On January 15, 1998, the Company had allotted 20,00,000 shares to its promoter towards conversion of loan brought in by its promoters.
Page 4 of 10 "To waive the non-compliance of Clause 40A, 35, 49 and other relevant Clauses of the Listing Agreement relating to Corporate Governance and other Stock Exchange Compliance etc for the past periods since the records of the Company were reportedly fully damaged due to natural calamity".
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Source: SecMarx — sebi:WTM/PS/73/CFD/FEB/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.