sebi:WTM/PS/84/CFD/MAR/2014
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Facts / Headnote
SEBI Order dated October 14, 2013 modified to revive directions issued vide SEBI Order dated June 04, 2013 against RMG Alloy Steel Limited, its directors, promoters and promoter group, if conditions regarding promoter shareholding reduction and public shareholding increase are not met by February 06, 2016.
Provisions invoked
- s. 19
- s. 12A
Parties
- RMG Alloy Steel Limited
- its directors
- promoters
- promoter group
Holding
SEBI modified its October 14, 2013 order to revive the directions of the June 04, 2013 order against RMG Alloy Steel Limited, its directors, promoters and promoter group, if the promoter shareholding is not reduced to 75% or less and public shareholding is not increased to at least 25% by February 06, 2016.
Full text
Page 2 of 3 (ii) the company, RMG Alloy Steel Limited, fails to increase its public shareholding to the minimum 25% as stipulated under rule 19A of the SCRR, within the said time frame (i.e, on or before February 06, 2014).
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 modify the SEBI Order dated October 14, 2013 to the extent that the directions issued vide the SEBI Order dated June 04, 2013, shall immediately be revived (without the need for passing of a separate order) against the said company, its directors, promoters and the promoter group, if -
3. Thereafter, the Company, vide an electronic mail dated February 21, 2014 submitted that it approached the Hon'ble BIFR by way of a miscellaneous application seeking extension for further two years from February 06, 2014 for disposal of shares of co-promoters and strategic investors, in order to reduce shareholding of promoters/co-promoters/strategic investors up to 75% of shareholding. The Company further submitted that the Hon'ble BIFR in the hearing held on January 16, 2014 had granted extension of time of two (02) years i.e. till February 06, 2016 to its promoter(s)/co-promoter/strategic investors of the Company for diluting their shareholding in the Company to 75% or below, in conformity with the SEBI requirement of listing guidelines. A copy of the summary record of the proceedings dated January 16, 2014 of the Hon'ble BIFR ("the BIFR Order") was forwarded vide the aforesaid e-mail by the Company.
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Source: SecMarx — sebi:WTM/PS/84/CFD/MAR/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.