The Securities and Exchange Board of India (Sebi) in June last year had imposed various restrictions on over 100 firms including Classic Electicals and Shikar Leasing, its promoters and directors for not achieving the minimum 25 per cent public holding within the June 3 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.
"...Hereby confirm the directions issued vide the interim order dated June 4, 2013 against -- Classic Electricals Ltd, its directors, promoters and promoter group, and Shikhar Leasing & Trading Ltd, its directors, promoters and promoter group," Sebi said in a common order passed against the firms.
This order shall remain in force till further directions, it added.
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Not convinced with the argument, the regulator observed that "a small company falling with the criteria specified under...The Sebi (Delisting of Equity Shares) Regulations, 2009, is eligible for special provisions for delisting, which are simpler compared to the normal delisting process".