sebi:WTM/PS/75/CFD/FEB/2014
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Facts / Headnote
Interim direction modified to permit completion of already-commenced voluntary delisting by May 14, 2014, with automatic revival on failure
Provisions invoked
- s. 19
- s. 12A
Parties
- Kanumanek Trading Company Limited
- Ms. Amitha Sheth
- Ms. Jyoti Sheth
Holding
The direction in paragraph 17(b) of the interim order dated June 04, 2013 was modified to not hinder the already-commenced voluntary delisting by Kanumanek Trading Company Limited and to permit promoters Ms. Amitha Sheth and Ms. Jyoti Sheth to buy public shares in the delisting offer, with delisting to be completed by May 14, 2014.
Full text
Page 2 of 3 b. The Board of Directors of the Company in their meeting held on March 28, 2013 had approved the resolution of authorising the delisting of the shares. c. 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 May 10, 2013, has reported that the resolution has been approved with requisite majority. d. On receipt of the scrutinizer's report, the Company had published the results of the postal ballot in the newspapers on May 15, 2013. e. The Company has also received 'in principle' approval for the delisting of the equity shares of the Company from BSE on June 05, 2013.
Page 3 of 3 hereby issue the following directions which are in modification of the directions issued vide the interim order dated June 04, 2013 :
In view of the submissions, the Company therefore requested SEBI to waive off the operation of the interim directions and allow it to complete its already initiated delisting process. The representatives of the Company also requested SEBI to grant atleast a period of four (4) months to complete the delisting process.
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Source: SecMarx — sebi:WTM/PS/75/CFD/FEB/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.