Sebi today confirmed the restrictions imposed on four companies -- Eider Infotech, Indore Wire Company, REIL Electricals India and Kutch Salt & Allied Industries -- for their failure to comply with minimum public shareholding norms.
These four are among the over 100 firms against whom Sebi had ordered various curbs in June 2013. All these entities had failed to meet the 25 per cent minimum public shareholding requirement for which the deadline ended in June 2013.
In four separate but similarly-worded orders, Sebi has confirmed the directions issued against the four companies, its directors, promoters and promoter group. The latest order would be in force till further directions.
Besides, the market regulator said in the orders that it might also initiate other action, as appropriate under law, against the concerned entities.
Through its interim order in June 2013, Sebi had frozen voting rights and corporate benefits of promoters/directors of these companies. Among other actions, they were also barred from holding any new position on boards of listed firms.
Citing the latest available filing, Sebi said the public shareholding in Eider Infotech stood at 17.99 per cent in the quarter ended December 2006 while that Indore Wire Company stood at 20.35 per cent at the end of 2006 September quarter.
With regard to REIL Electricals, the public shareholding stood at 1.81 per cent for the quarter ended September 2015.
In the case of Kutch Salt & Allied Industries, promoters' holding was 92.01 per cent as on March 2012, per the latest available filing.
