Sebi revokes curbs on Vippy Industries

Sebi has lifted the curbs it had imposed on Vippy Industries, its directors and

RELATED ARTICLES

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E-mail ID will not be published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

  • Time for banks to pass on RBI rate cuts to stakeholders of the economy

    Reserve Bank of India’s decision to cut the repo rate by 25 basis points, from 7.75 to 7.50, is a move in the right direction.

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

Amita Sharma

IITs: Growing needs with growing numbers

In continuance of the government’s commitment to spread the reach ...

Zehra Naqvi

For the love of language

A video doing the rounds in social media these days ...

Dharmendra Khandal

‘Poop’ coffee anyone? If civets suffer, so be it

That a drink which proudly associates itself with animal poop ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture