sebi:WTM/PS/CFD/39/SEPT/2013
Facts / Headnote
Interim directions issued vide the interim order dated June 04, 2013 revoked with immediate effect; Company warned for delay in complying with MPS norms
Provisions invoked
- s. 19
- s. 12A
Regulations relied on
- SCRR, 1957 — 19(2)(b)
- SCRR, 1957 — 19A
Parties
- Marathon NextGen Realty Limited
- its directors
- promoters
- promoter group
Holding
The interim directions dated June 04, 2013 against Marathon NextGen Realty Limited, its directors, promoters and promoter group were revoked with immediate effect as the Company achieved compliance with the minimum public shareholding (MPS) norms of 25% through an OFS on July 16, 2013. The Company was, however, warned for having delayed compliance with the MPS requirements.
Full text
Page 2 of 3 (ii) pursuant to the OFS, the minimum public shareholding of 25% was achieved by the Company ; (iii) the promoters had a predicament on the valuation of the shares proposed to be diluted and the potential "loss of wealth" to them and that the realty sector was passing through a 'rough patch' and the revenues were drastically hit; (iv) the dilution of the promoters' stake in the OFS was done at "sub-book value".
Page 3 of 3 applicable laws and regulations administered by SEBI that govern its activities in the securities market. Considering the fact that the Company is now compliant with the stipulated minimum public shareholding level, I do not propose to initiate further action against the Company, its directors, promoters and promoter group, as contemplated in paragraph 18 of the interim order.
The representatives requested SEBI to vacate the interim directions issued against the Company, its promoters and directors, as the Company had compliant with the MPS norms.
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Source: SecMarx — sebi:WTM/PS/CFD/39/SEPT/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.