Markets regulator Sebi today lifted restrictions imposed on Bombay Rayon Fashions following the firm's compliance with minimum public shareholding norms.
The Securities and Exchange Board of India (Sebi) in June 2013 had imposed various curbs on Bombay Rayon Fashions, its promoters and directors for not achieving the minimum 25 per cent public holding within the June 3 deadline of the same year.
The regulator had frozen the voting rights and corporate benefits of promoters/directors of the company and barred them from holding any new position on boards of listed firms, among others.
The restrictions on Bombay Rayon Fashions were affirmed through a confirmatory order in December 2015.
"I hereby revoke the directions issued against Bombay Rayon Fashions Limited, its promoters and promoter group alongwith its directors," Sebi Whole Time Member S Raman said in an order today.
The firm raised its public shareholding level to 31.66 per cent through preferential allotment of shares to lenders on June 16, 2016.
Public shareholding in Bombay Rayon Fashions stood at 7.96 as on March 31, 3016.
Sebi said that as the promoters' and promoter group's shareholding in Bombay Rayon, has been brought below 75 per cent the directions imposed on the company, its promoters and promoter group alongwith its directors, can now be revoked.
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