sebi:WTM/PS/94/CFD/DEC/2015
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Facts / Headnote
Interim order dated June 04, 2013 confirmed against the company, its directors, promoters and promoter group.
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Kutch Salt & Allied Industries Ltd.
- its directors
- promoters
- promoter group
Holding
The interim order dated June 04, 2013 issued against Kutch Salt & Allied Industries Ltd., its directors, promoters and promoter group for failure to maintain minimum public shareholding of 25% is confirmed.
Full text
Page 2 of 4 mail dated July 14, 2014, it was informed by SEBI that the hearing scheduled on July 24, 2014 is deferred. SEBI vide e-mail dated May 27, 2015 intimated the company that an opportunity of personal hearing is scheduled on July 2, 2015. The Company vide e- mail dated June 25, 2015 sought for an adjournment on the ground that either the earlier SEBI’s mail dated May 27, 2015 was not received by the Company or the same escaped the attention of its legal department. Therefore, SEBI vide e-mail dated July 6, 2015 intimated the Company that it shall be granted another opportunity of hearing on September 7, 2015. Despite SEBI seeking the confirmation of Company, through two different e-mails on September 3, 2015 and September 7, 2015, the Company did not reply and it did not appear for the hearing on September 7, 2015.
Page 3 of 4 g. Bonus Issues to public shareholders, with promoters/ promoter group shareholders forgoing their bonus entitlement, h. Any other method as may be approved by SEBI, on a case to case basis.
Page 4 of 4 9. This Order shall remain in force till further directions. 10. Copy of this Order shall be served on the stock exchanges and depositories for their information and necessary action.
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Source: SecMarx — sebi:WTM/PS/94/CFD/DEC/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.