sebi:WTM/PS/CFD/34/AUG/2013
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Facts / Headnote
Interim order directions dated June 04, 2013 revoked; Company warned for delay in complying with MPS requirement; no further action initiated
Provisions invoked
- s. 19
- s. 12A
Parties
- Resorts & Apart Hotels Limited
Holding
The directions issued against the Company, its directors, promoters and promoter group vide the interim order dated June 04, 2013 are revoked, and the Company is warned for delay in complying with the minimum public shareholding (MPS) requirement under the SCRR.
Full text
Page 2 of 3 4. I have considered the replies and the submissions made by the Company. The Company has allotted bonus shares on June 26, 2013 only to its public shareholders, as submitted by it, for complying with the MPS requirement. I also note from the intimation received from BSE vide e- mail dated July 15, 2013 that the Company has achieved compliance with the MPS requirement and that the public shareholders now hold 25.66% in the Company. I have also perused the notice dated June 28, 2013 of BSE which informed its members that the bonus shares issued by the Company are listed and permitted for trading from July 01, 2013.
Page 3 of 3 Resorts & Apart Hotels Limited, its directors, promoters and promoter group, with immediate effect. 9. 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.
5. As regards the delay in complying with the MPS requirement, I note from the records that the Company, vide its letter dated February 27, 2013, had initially proposed for a rights issue of shares to its existing shareholders excluding the promoters/promoter group, for complying with the MPS requirement. Subsequently, vide its letter dated April 16, 2013, the Company informed that its Board had proposed to issue bonus shares to its public shareholders with the promoters forgoing their entitlement for such shares. I note that the Board of Directors of the Company proposed to issue bonus shares on April 10, 2013 subject to the shareholders' approval. The shareholders of the Company approved the proposed issue of bonus shares on June 15, 2013 and pursuant to the same, the board of directors decided to announce the bonus issue of shares. Thereafter, 1,69,743 bonus shares were allotted to its public shareholders by the Company, to achieve compliance with the MPS norms.
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Source: SecMarx — sebi:WTM/PS/CFD/34/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.