Sebi revokes curbs on Vippy Industries

Sebi has lifted the curbs it had imposed on Vippy Industries, its directors and promoters for non-compliance with the minimum public shareholding norms, while asking the firm to delist from the bourses within a period of 4 months.

Securities and Exchange Board of India (Sebi) in an order on Tuesday directed Vippy Industries and its promoters to complete the delisting process and ensure that "the company is delisted from the BSE within a period of 4 months".

The company has been asked to file a report informing Sebi of the outcome of the delisting process within a period of 15 days thereafter.

Besides, the market regulator has "vacated with immediate effect" the restrictions it had imposed through the interim order dated June 4, 2013 against Vippy Industries, its directors and promoters.

However, Sebi said the curbs on Vippy Industries and its directors and promoters would be "re-imposed immediately (without the need for passing of a separate order) in case the delisting process of the company is not completed within the period directed...".

On June 4 last year, Sebi had passed an interim order against 105 private sector firms, including Vippy Industries for failure to attain minimum 25 per cent public shareholding within the deadline (June 3).

The regulator had frozen the voting rights and corporate benefits of promoters and directors of these companies and barred them from holding any new position on boards of listed firms and also, among others.

Sebi had also warned of further actions, including levy of monetary penalties, initiation of criminal proceedings, restricting the trading activities of related stocks and other possible directions.

The market regulator said Vippy Industries' promoters have made a public announcement dated February 11, 2014 with respect to their delisting offer.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture