Public holding norms: Sebi revokes curb on Ganga Papers

Market regulator Sebi has lifted its curbs on Ganga Papers India Ltd, its directors and promoters after the company complied with the minimum public shareholding regulations.
Securities and Exchange Board of India (Sebi) said it is revoking the directions against Ganga Papers and their directors and promoters "with immediate effect".
In an order passed on June 4, 2013, the capital market watchdog had imposed various restrictions on 105 companies, including Ganga Papers, their promoters and directors for not achieving the minimum 25 per cent public holding within the June 3, 2013 deadline.
The regulator had frozen the voting rights and corporate benefits of promoters/directors of these companies and barred them from holding any new position on boards of listed firms, among others.

It had also warned of further actions including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.
In its submission to Sebi, Ganga Papers said it has complied with the minimum public holding norms as the offer for sale through stock exchange on November 12, 2014 was successful resulting in the increase of public shareholding in the company from 5.36 per cent to 25 per cent.

In a separate order, Sebi has imposed a penalty of Rs 7 lakh on Apollo Finvest (India) Ltd's Managing Director Anju R Innani for failing to make shareholding disclosures within the stipulated timeline.

As a Promoter and MD of a listed company, Innani "had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose," Sebi said.
"Non-compliance/delayed compliance with disclosure requirements by the promoter and MD of a listed company undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals," it added.