sebi:WTM/PS/CFD/35/AUG/2013
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Facts / Headnote
Interim order directions dated June 04, 2013 revoked; Company warned but no further action initiated
Provisions invoked
- s. 19
- s. 12A
Parties
- Bhagyashree Leasing and Finance Limited
Holding
The directions issued against Bhagyashree Leasing and Finance Limited, its directors, promoters and promoter group vide the interim order dated June 04, 2013 are revoked with immediate effect. The Company is warned for its delayed compliance with MPS requirements but no further action is initiated as it has complied belatedly.
Full text
Page 2 of 2 5. I have considered the reply of the Company and the oral submissions, made before me. The Company has submitted that it had decided to dilute the promoters shareholding through OFS option. However, due to a pending listing application dated October 31, 2001 for 5,00,000 equity shares before BSE, it was not allowed to go for OFS and vide letter dated March 28, 2013 it had asked for the approval of SEBI for the said OFS. I note that SEBI had clarified the same vide letter dated May 07, 2013.
6. I note that the Company has definitely delayed in its compliance with the MPS requirement when it was under notice for three years for achieving such compliance. 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.
7. 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, Bhagyashree Leasing and Finance Limited, its directors, promoters and promoter group, with immediate effect.
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Source: SecMarx — sebi:WTM/PS/CFD/35/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.