Market regulator Sebi has revoked restrictions imposed on Saptarishi Agro Industries Ltd, its directors and promoters for failing to meet the 25 per cent minimum public shareholding norms within the deadline.
The Securities and Exchange Board of India (Sebi), in its order dated December 6, said that restrictions against Saptarishi Agro Industries have been revoked as the company is now compliant with the required public shareholding norms.
As per Sebi norms, all listed private sector companies were required to attain a minimum of 25 per cent public shareholding by June 3.
On June 4, the regulator had imposed curbs on several non-compliant firms, including Saptarishi Agro Industries.
Sebi had frozen the voting rights and corporate benefits of promoters/directors of these companies, among other things.
It had also warned of further actions, including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.
The company's promoter, Calibre Rehabs Pvt Ltd, has reduced its shareholding from 74.57 per cent to 66.05 per cent through an OFS (Offer-for-Sale) by selling 29 lakh shares on the BSE in November.
It was also informed that promoters' total shareholding post the OFS is at 74.83 per cent. Therefore, the company became compliant with minimum public shareholding requirements.
Accordingly, Sebi has revoked "the directions issued vide the interim order dated June 4, 2013 against the company, Saptarishi Agro Industries, its directors, promoters and promoter group, with immediate effect.
