sebi:WTM/PS/CFD/32/AUG/2013
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Facts / Headnote
Interim order directions revoked; warning issued; no further action initiated
Provisions invoked
- s. 19
- s. 12A
Parties
- Transformers and Rectifiers (I) Limited
- directors
- promoters
- promoter group
Holding
The directions issued against Transformers and Rectifiers (I) Limited, its directors, promoters and promoter group in the interim order dated June 04, 2013 are revoked with immediate effect. The Company is warned for its delayed compliance with the MPS requirement but no further action is initiated as it has complied, though belatedly.
Full text
Page 2 of 2 4. I have considered the reply and submissions made by the Company. I have perused the notice dated June 24, 2013 of BSE which informed its members that the bonus shares issued by the Company are listed and permitted for trading from June 25, 2013. The public shareholders now hold 25.10% in the Company. I note that the Company has definitely delayed its compliance with the MPS requirement when it was under notice for three years for achieving such compliance. The conduct of the Company indicates to me that it was not serious in complying with the MPS norms well within the due date. Therefore, the Company is warned for its conduct and is advised to ensure compliance with all the applicable laws and regulations administered by SEBI, in letter and spirit. However, considering the fact that the Company has complied with the MPS norms, though belatedly, as observed above, I do not propose to initiate further action against the Company as contemplated in paragraph 18 of the interim
order. 5. With the above observations, 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 revoke the directions vide the interim order dated June 04, 2013 against the Company, Transformers and Rectifiers (I) Limited, its directors, promoters and promoter group, with immediate effect.
6. Copy of this Order shall be served on the stock exchanges and depositories for their information and action that may deem fit and necessary in this case.
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Source: SecMarx — sebi:WTM/PS/CFD/32/AUG/2013. 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.