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Market regulator Sebi today revoked the restrictions it had imposed on Aeonian Investments, its directors and promoters, for failing to meet the minimum 25% public shareholding norms.
The curbs have been lifted by Securities and Exchange Board of India (Sebi) as the company is in the process of winding up.
"Hereby revoke the directions issued vide the interim order dated June 4, 2013 against the company, Aeonian Investments Company Ltd, its directors, promoters and promoter group, with immediate effect," Sebi said in an order.
The regulator said that as steps have been taken by the firm towards voluntary winding up, it was "reasonable and appropriate to modify the directions issued vide the interim order to the extent that the same does not affect or prejudice the efforts of the company/its promoter from continuing with the voluntary winding up process".
Further, it said that Aeonian had taken "all possible steps to ensure that the winding up process is completed as expeditiously as possible and the same should be completed by around March 31, 2014" and that "part payments" have been made to the public shareholders.
The company's scrip was suspended on April 29, 2013, it added.
Sebi said it did not propose to initiate any further action against Aeonian.
Through an order dated June 4, the regulator had imposed various restrictions on 105 non-compliant companies, including Aeonian, their promoters and directors, for not meeting the public holding requirement by June 3.
Sebi had also 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.
Further, the watchdog had warned the firms of further actions including levy of monetary penalties, initiation of criminal proceedings, restricting the trading activities of related stocks and other possible directions.
Among others, Aeonian submitted to Sebi that as its shares were "thinly traded and as it had no projects for investing the funds, the methods for achieving the minimum public shareholding requirement were not found feasible" following which it decided to undertake voluntary winding up.
On August 29, 2013, the Securities Appellate Tribunal had asked Sebi to pass a final order within a period of four weeks in Aeonian's minimum public holding matter.
