sebi:WTM/PS/84/CFD/NOV/2015
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Facts / Headnote
Application dated July 16, 2015 and letter dated September 01, 2015 of the promoter disposed off; exemptions/relaxations granted to timelines under regulations 8(1)(d), 10(1) and 12(1) of the Delisting Regulations
Provisions invoked
- s. 19
Regulations
- Reg. 8
- Reg. 10(1)
- Reg. 11(1)
- Reg. 21
- Reg. 20
- Reg. 12(1)
- Reg. 25A
- Reg. 8(1)(d)
- Reg. 25A(4)
Holding
SEBI granted exemptions/relaxations to the promoter from the timelines specified under regulations 8(1)(d), 10(1) and 12(1) of the Delisting Regulations, permitting dispatch of letters of offer within 5 working days of the public announcement and final delisting application within two months of the Order, subject to conditions including revision of floor price and an undertaking to pay the difference between the Rosneft transaction price and the reverse book building price to tendering shareholders.
Full text
Page 2 of 7 shareholders were obtained and floor price set prior to the amendments to the Delisting Regulations, it sought relief from SEBI to proceed under the Delisting Regulations prior to the amendments in March 24, 2015 and seeking extension of the deadline of August 5, 2015 under regulation 8(1)(d) of the Delisting Regulations.
Page 3 of 7 3. Regulation 12(1) of the Delisting Regulations mandates that the letter of offer should be dispatched to the public shareholders not later than 2 working days from the date of public announcement. The registrar has stated certain constraints on the number of letters that could be printed and dispatched in a day. The Company has 285241 shareholders as on June 30, 2015 and therefore from a logistical perspective, the dispatch to such large number of shareholders cannot be done in two days. Accordingly, the promoter requested for relaxation from strict applicability of regulation 12(1) of the Delisting Regulations (requirement of dispatching the letters of offer to public shareholders within 2 working days from the date of issuance of public announcement) and allow the promoter to complete dispatch of letters of offer within 5 working days of issuance of the public announcement.
Page 4 of 7 of the Delisting Regulations and deposit in the designated escrow before making the public announcement and also for other operational arrangements. In this regard, I note that -
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Source: SecMarx — sebi:WTM/PS/84/CFD/NOV/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.