sebi:WTM/SR/SEBI/CFD/07/02/2017
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Facts / Headnote
Directions issued vide interim order dated June 04, 2013 against Shreevatsaa Finance & Leasing Limited, its directors, promoters and promoter group vacated with immediate effect; matter referred for adjudication proceedings under Section 23I of the SCRA, 1956 for inordinate delay in complying with MPS requirements.
Provisions invoked
- s. 19
- s. 21
- s. 23I
- s. 12A
Regulations
- Reg. 29(2)
Parties
- Shreevatsaa Finance & Leasing Limited
- Praveen Kumar Arora
- Agarni Leasing and Finance Private Ltd
Holding
The directions issued against Shreevatsaa Finance & Leasing Limited (SVFLL), its directors, promoters and promoter group vide interim order dated June 04, 2013 are vacated with immediate effect as the company has now complied with the Minimum Public Shareholding (MPS) requirements. However, the matter is referred for adjudication proceedings against the company and its promoters due to inordinate delay (more than three years) in complying with the MPS requirements.
Full text
Page 2 of 4 Prior to October 20, 2016 Name of the Promoters No. of Shares As a percentage of total paid up capital of the Company Praveen Kumar Arora 80,02,000 79.23 Agarni Leasing and Finance Private Ltd 10,49,300 10.39 Total 90,51,300 89.62
Page 3 of 4 Post Offer for sale 2 vi. Mr. Praveen Kumar Arora, after undertaking the second OFS, succeeded in reducing the promoter shareholding from 89.62% to 75%. The promoter shareholding details post OFS-2 is given below: Name of the Promoters No. of Shares As a percentage of total paid up capital of the Company Praveen Kumar Arora 65,25,700 64.61 Agarni Leasing and Finance Private Ltd 10,49,300 10.39 Total 75,75,000 75.00
Page 4 of 4 complied with the MPS requirement. 5.6 Considering the fact that SVFLL has now complied with the MPS requirements as stipulated under rule 19A of the SCRR read with clause 40A of the listing agreement, it would be appropriate and reasonable to vacate the directions issued against the Company, its promoters and directors.
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Source: SecMarx — sebi:WTM/SR/SEBI/CFD/07/02/2017. 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.