Mumbai, Jun 26 : Market regulator Sebi has revoked the restrictions it had imposed on Integrated Technologies, its promoters and directors for not meeting with the 25 per cent minimum public shareholding norms within the deadline. The curbs have been revoked as the company is now compliant with the norms. ”…Hereby revoke the directions issued vide the interim order dated June 4, 2013 against the company, Integrated Technologies Ltd, its directors, promoters and promoter group, with immediate effect,” the Securities and Exchange Board of India (Sebi) said in a order dated June 25.
Last year on June 4, Sebi had issued order imposing various restrictions on 105 non-compliant companies, including Integrated Technologies, their promoters and directors for not meeting the public holding requirement within the deadline (June 3). The market 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 the firms of further actions including levy of monetary penalties, initiation of criminal proceedings and other possible directions. According to Sebi order, Integrated Technologies’ promoter had diluted his shareholding by undertaking an Offer for Sale (OFS) on June 28, 2014. The same had resulted in the increase of public shareholding in the company from 14.22 per cent to 25.01 per cent.
Noting that Integrated Technologies had delayed in meeting with the minimum public holding norms, Sebi warned and advised the company “to ensure compliance with all the applicable laws and regulations administered by Sebi that govern its activities in the securities market”.