sebi:WTM/PS/CFD/02/APRIL/2014
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Facts / Headnote
Interim directions revoked with immediate effect with warning for delayed compliance; no further action initiated
Provisions invoked
- s. 19
- s. 12A
Parties
- Kovalam Investment and Trading Company Limited
- its directors
- promoters and promoter group
Holding
The interim order dated June 04, 2013 against Kovalam Investment and Trading Company Limited, its directors, promoters and promoter group is revoked with immediate effect. No further action as contemplated in paragraph 18 of the interim order is initiated, while warning the Company for delayed compliance.
Full text
Page 2 of 2 shareholders only. Consequent thereto, the promoters' shareholding has reduced to 74.96% and that the public shareholding increased to the level of 25.04%. The Company submitted that it has complied with the MPS requirements and therefore requested SEBI to revoke the directions issued vide the
interim order in respect of the Company, its directors, promoters and promoter group. 5. As the Company, vide its e-mail dated April 01, 2014, requested SEBI to decide the matter on merits without affording any opportunity of personal hearing to it, this case is disposed off accordingly on the basis of the submissions made by the Company and the material available on record. The Company has informed that it has allotted shares only to public shareholders in order to achieve compliance with the minimum public shareholding requirement. I note from the records that 5,17,704 bonus shares were allotted on August 08, 2014 and these shares have been listed and permitted to be traded by the BSE with effect from August 19, 2013. I have also perused the shareholding pattern of the Company for the quarter ended September 2013 (uploaded in the website of the BSE), which confirms the submission of the Company that the public shareholding is above the minimum level of 25%, as required under rule 19A of the SCRR read with Clause 40A of the Listing Agreement.
6. Considering the fact that the Company has complied with the MPS norms, though belatedly on August 08, 2013, I, while warning the Company for such delayed compliance, do not propose to initiate further action against the Company as contemplated in paragraph 18 of the interim order. The Company is advised to ensure compliance with all the applicable laws and regulations administered by SEBI, in letter and spirit, within the time lines prescribed by SEBI under such statutes.
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Source: SecMarx — sebi:WTM/PS/CFD/02/APRIL/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.