sebi:WTM/SR/CFD/30/05/2017
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Facts / Headnote
Representations dated July 26, 2016 and November 16, 2016 by Khoday India Limited disposed of without further directions; request to rescind/vacate Interim Order dated June 4, 2013 read with Confirmatory Order dated July 24, 2014 rejected.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12
- s. 21
- s. 12A
Regulations
- Reg. 14(1)
Parties
- Khoday India Limited
- directors of Khoday India Limited
- promoters and promoter group of Khoday India Limited
Holding
SEBI declined to vacate or rescind the Interim Order dated June 4, 2013 read with Confirmatory Order dated July 24, 2014 against Khoday India Limited and disposed of its representations dated July 26, 2016 and November 16, 2016 without further directions.
Full text
Page 2 of 14 ii. In case of more than one entity in the promoter/promoter group in a company, the excess promoter holding for the purpose of taking action shall be computed on a proportionate basis. For illustrating the example above, if there are three promoters; A, B and C with shareholdings of 45%, 35% and 10% respectively; the excess promoter holding of 60% shall be allocated as follows: 1. A: (60% multiplied by [45%/45%+35%+10%]) = 30.00% 2. B: (60% multiplied by [35%/45%+35%+10%]) = 23.33% 3. C: (60% multiplied by [10%/45%+35%+10%]) = 06.67% Total = 60.00%
Page 3 of 14 Confirmatory Order dated July 24, 2014 – 1.4.1 Khoday filed its reply to the Interim Order and thereafter, was granted an opportunity of hearing before the Competent Authority, SEBI, on June 25, 2014. The following directions were issued vide SEBI’s Order dated July 24, 2014 (“Confirmatory Order”), –
Page 4 of 14 therein (including the appellants herein) till such time the said entities comply with the minimum public shareholding requirement.
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Source: SecMarx — sebi:WTM/SR/CFD/30/05/2017. 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.