sebi:WTM/PS/97/CFD/DEC/2015
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Facts / Headnote
Confirmed the directions issued vide interim order dated June 04, 2013; Order to remain in force till further directions
Provisions invoked
- s. 19
- s. 21
- s. 12A
Parties
- Indore Wire Company Limited
- Directors of Indore Wire Company Limited
- Promoters and promoter group of Indore Wire Company Limited
Holding
SEBI confirmed the interim order dated June 04, 2013 against Indore Wire Company Limited, its directors, promoters and promoter group for failure to maintain 25% minimum public shareholding. This Order shall remain in force till further directions.
Full text
Page 2 of 2 Company to file reply or personal hearing would not be required. Accordingly, I proceed to decide the matter on merits.
4. I have considered the interim order passed in the matter against the Company, its promoters and directors. The interim order was issued against the Company as it failed to maintain the minimum public shareholding of 25% as mandated under rule 19A of the SCRR and Clause 40A of the Listing Agreement read with section 21 of the Securities Contract (Regulation) Act, 1956 ("SCRA"). From the details seen in the BSE website, it is noted that the last filing of the Company’s Shareholding Pattern was for the quarter ended September 2006. As per this document, the promoters hold 79.65% and the public only hold 20.35%. The Company is therefore in violation of the MPS requirements.
5. Considering the fact that the Company has not complied with the MPS requirements till date in breach of rule 19A of the SCRR and Clause 40 A of the Listing Agreement read with section 21 of the SCRA, and such non-compliance being continuous in nature, it becomes necessary for SEBI, to confirm the directions issued vide the interim order against the Company, its directors and promoters/promoter group. Further, for proper regulation of the securities market and in view of the continuing nature of the violations committed by the Company, SEBI may also initiate other action, as appropriate in law, against the Company, its directors and promoters.
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Source: SecMarx — sebi:WTM/PS/97/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.