sebi:WTM/PS/76/CFD/MAR/2015
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Facts / Headnote
Directions modified and further time granted to complete delisting process
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 55A
- Reg. 8(1)(b)
- Reg. 8(1)(d)
Holding
SEBI modified the direction in paragraph 17(b) of the interim order dated June 04, 2013 to permit the Company/promoters to proceed with voluntary delisting, and granted the Company four months to complete the delisting process and report the outcome to SEBI within two weeks thereafter.
Full text
Page 2 of 4 (iii) The direction issued in paragraph 17(b) of the interim order dated June 04, 2013 shall be re-imposed immediately (without the need for passing of a separate order) in case the delisting process of the Company is not completed successfully within the period directed in sub-paragraph (ii) above. (iv) The directions contained in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue to be in effect till such time the Company is delisted from the stock exchanges or till the time the Company becomes compliant with the MPS norms, whichever is earlier.
Page 3 of 4 4. As requested, an opportunity of personal hearing was granted on January 23, 2015. On the request of the Company, the personal hearing was rescheduled to February 11, 2015. In the personal hearing held on February 11, 2015, the Company was represented by Mr. Vikram Sirur, Chairman, Mr.
Page 4 of 4 under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(2)(j), 11(4) and 11B thereof and section 12A of the Securities Contracts (Regulation) Act, 1956, hereby issue the following directions: (i) The direction issued in paragraph 17(b) of the interim order dated June 04, 2013 stands modified to the extent that it shall not hinder the voluntary delisting process initiated/to be initiated by the Company/promoters and that its promoters shall be permitted to buy shares of the Company held by public shareholders in their offer for delisting. (ii) The Company/its promoter are at liberty to approach its shareholders for seeking their consent with respect to the delisting proposal. (iii) The Company shall endeavour to complete the delisting process within a period of four (4) months and shall report the outcome of the delisting process to SEBI within a period of two weeks thereafter. (iv) The direction issued in paragraph 17(b) of the interim order dated June 04, 2013 shall be re- imposed immediately (without the need for passing of a separate order) in case the delisting process of the Company is not completed successfully within the period directed in sub-paragraph (iii) above. (v) The directions contained in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue to be in effect till such time the Company is delisted from the stock exchanges or till the time the Company becomes compliant with
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Source: SecMarx — sebi:WTM/PS/76/CFD/MAR/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.