sebi:WTM/PS/CFD/33/AUG/2013
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Facts / Headnote
Interim order dated June 04, 2013 revoked with immediate effect; warning issued to the Company
Provisions invoked
- s. 19
- s. 12A
Parties
- Thacker & Company Limited
- its directors
- promoters
- promoter group
Holding
The directions issued against Thacker & Company Limited, its directors, promoters and promoter group vide the interim order dated June 04, 2013 are revoked with immediate effect, and the Company is warned for its conduct in not achieving compliance with the MPS norms on or before the due date.
Full text
Page 2 of 2 registered with the BSE and the capital as registered with itself. The Company submitted that the same was the cause for the delay in coming with an OFS. The stock exchange issued the capital confirmation letter on May 20, 2013. The Company submitted that it had in the meanwhile engaged a Broker for undertaking dilution of the promoters' stake through the OFS. The Company had stated that on receipt of the said letter, it applied to CDSL and NSDL on May 24, 2013 for obtaining the 'ISIN No.'. The ISIN was obtained on June 18, 2013 and thereafter the shares were converted into dematerialised mode on June 20, 2013.
5. The Company has further submitted that pursuant to the conversion of shares into demat mode, three of its promoters (Pudumjee Investment & Finance Co. Ltd, Shyam M. Jatia Jt. Vandana Jatia and Suma Commercial Pvt. Ltd.) had sold an aggregate of 11,037 shares (constituting 14.01% of the total paid-up share capital) through the OFS on June 24, 2013. According to the Company, it has, consequent to the sale of shares in the said OFS, complied with the MPS requirement as the public shareholders presently hold 25%. The representatives therefore requested SEBI to condone the delay and to withdraw the restrictions imposed vide the interim order.
6. I have considered the submissions. Though the Company was under a three year notice to increase its public shareholding to the minimum level of 25% as stipulated under the SCRR, it was non-compliant with the MPS requirement as on June 03, 2013. The Company had achieved compliance only on June 24,
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Source: SecMarx — sebi:WTM/PS/CFD/33/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.