sebi:WTM/PS/CFD/90/MAR/2014
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Facts / Headnote
SEBI indicated no-objection to the 270-day extension granted by BIFR and directed Gujarat Themis Biosyn Limited to comply with the minimum public shareholding requirement under Rule 19A of the SCRR on or before August 19, 2014, with directions revived if not complied with.
Provisions invoked
- s. 19
- s. 12A
Parties
- Gujarat Themis Biosyn Limited
Holding
SEBI granted no-objection to the 270-day extension of time allowed by the BIFR (reckoned from November 20, 2013) for Gujarat Themis Biosyn Limited to increase its public shareholding to the minimum 25% under Rule 19A of the SCRR, and directed compliance on or before August 19, 2014.
Full text
Page 2 of 7 b. Gujarat Themis Biosyn Limited, fails to increase its public shareholding to the minimum 25% as stipulated under rule 19A of the SCRR, within the said time frame (i.e, on or before March 31,2014).
Page 3 of 7 miscellaneous application [in MA No.662/BC/2013] for reconsideration of the said reliefs. Thereafter, the BIFR in the hearing held on January 02, 2013 passed the following Order :
Page 4 of 7 4. As requested by the Company, an opportunity of personal hearing was afforded on March 12, 2014, when the Company's Chairman, Mr. Dinesh S. Patel and its Company Secretary, Mr. Prakash Nanrigekar appeared and made submissions. The representatives reiterated the request of the Company for extension of time by another 270 days, as allowed by the Hon'ble BIFR, for complying with the minimum public shareholding requirement. During the personal hearing, I had asked the representatives as to what the Company now proposes to do for complying with the MPS requirement which it was not able to do earlier. To this query, the representatives inter alia submitted that – (i) A new promoter (Themis Medicare Limited) has taken over the Company only in the previous year and has extended technology and infused funds into the Company. (ii) The Company wishes to issue shares to the public. It may either make a follow-on public offer or allot/issue shares in an Institutional Placement Programme (IPP). (iii) The Company has started to make profits during the last six months and has started to clear its debts and liabilities. (iv) If extension was granted, the Company's improved performance would boost investor confidence which would in turn help in the successful subscription of the Company's equity shares in the proposed offer to the public.
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Source: SecMarx — sebi:WTM/PS/CFD/90/MAR/2014. 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.