Public shareholding: Sebi lifts curbs on Swaraj Automotives
New Delhi: Markets regulator Sebi today lifted the restrictions imposed on Swaraj Automotives, its directors and promoters after the company complied with the the 25 per cent minimum public shareholding norms.
The Securities and Exchange Board of India (Sebi), on July 19, 2017, had ordered freezing of voting rights and all corporate benefits arising out of its excess stake in the company.
Also, it had prohibited the promoter and director of the company from dealing in the shares of Swaraj Automotives except for meeting the minimum 25 per cent public shareholding limit till the time of their compliance to this requirement.
Following this, the firm made four attempts to reduce promoter shareholding resorting to the Offer for Sale mechanism, the Securities and Exchange Board of India (Sebi) said in an order passed today.
The regulator said that the firm's public shareholding as of November 22, 2017 stands at 25 per cent, which is in compliance with the regulatory requirements.
"The mode of compliance has also been adhered to since the offer for sale mechanism is one of the modes specified by Sebi Regulations for complying with the minimum public shareholding requirement," the regulator noted.
Accordingly, Sebi has revoked the directions issued through an interim order passed on July 19, 2017 against Swaraj Automotives, its directors, promoters and promoter group, with immediate effect.
Till September 2015, Mahindra and Mahindra Ltd and Punjab State Industrial Development Corporation held 74.18 per cent stake in Swaraj Automotives, while that of public holding was at 25.82 per cent in compliance with Sebi's minimum public shareholding norms.
Later, b4S Solutions acquired the entire equity stake held by the promoters of Swaraj Automotives. In addition, it acquired additional stake in the firm under the open offer and as a result, it became the new promoter from February 2016.
Following the transaction, the public shareholding in Swaraj Automotives fell below the minimum permissible level of 25 per cent on February 2, 2016.
The FinMin has refused to share copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of Parliament.
About 5,500 children of armed forces personnel were selected for professional courses like MBBS and BTech since fiscal 2015-16 under the PM's scholarship programme, Minister of State for Defence Subhash Bhamre said today.
The Kerala High Court today imposed a complete ban on plastic in Sabarimala, in order to ensure an eco-friendly pilgrimage to the famous hill shrine of Lord Ayyappa.
Around 40 rig workers started a 24-hour strike on Alwyn, Elgin and Dunbar platforms in the British North Sea, curbing gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.
Atos has agreed to buy Michigan, US-based information technology firm Syntel for $3.4 billion, or $41 per Syntel share, in an all-cash transaction.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.