sebi:WTM/PS/81/CFD/FEB/2014
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Facts / Headnote
Directions in the interim order dated June 04, 2013 modified to permit the Company and its promoters to proceed with the voluntary delisting process, subject to completion within five months and revival of the modified direction if unsuccessful.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 8(1)(d)
Parties
- UMS Technologies Limited
Holding
SEBI modified the interim order directions to allow UMS Technologies Limited and its promoters Gedee Investments Pvt. Limited and Venture Investments Pvt. Limited to proceed with and complete the voluntary delisting process within five months. The modified direction in paragraph 17(b) of the interim order shall be revived automatically if the delisting is not completed within that period.
Full text
Page 2 of 3 b. In the meantime, the Company's promoter, Gedee Investments Pvt. Limited and Venture Investments Pvt. Limited had expressed their intention, vide letter dated May 25, 2013, to delist the equity shares of the Company from the stock exchanges in accordance with the provisions of 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 29, 2013 had approved the resolution of authorising the delisting of the shares. The said approval was notified to BSE on May 29, 2013. d. Thereafter, the Company started the process of issuing postal ballot notice to obtain the shareholders' approval in terms of the Delisting Regulations. However, the delisting process has come to a halt due to the interim order.
Page 3 of 3 6. In view of the foregoing, I, in exercise of the powers conferred upon me 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 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 allow it to complete its already initiated delisting process. The representatives of the Company requested SEBI to grant atleast a period of five (5) months to complete the delisting process.
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Source: SecMarx — sebi:WTM/PS/81/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.