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Market regulator SEBI has revoked restrictions imposed on Neycer India, its directors and promoters for not meeting the minimum public shareholding regulations, after the company complied with the norms.
In an order passed on February 16, the Securities and Exchange Board of India (SEBI) said it is revoking the directions against Neycer India and their directors and promoters “with immediate effect”.
In an order passed on June 4, 2013, SEBI had imposed various restrictions on 105 companies, including Neycer India, their promoters and directors for not achieving the minimum 25 per cent public holding within the June 3, 2013 deadline.
The regulator had frozen the voting rights and corporate benefits of promoters/directors of these companies and barred them from holding any new position on boards of listed firms, among others.
It had also warned of further actions including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.
In its submissions to SEBI, the company has contended that it has complied with the minimum public shareholding (MPS) requirements as on September 6, 2013. Accordingly, SEBI has revoked the prohibitions.
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