Tuesday, July 16, 2013

SEBI initiate penalty on promoters of 105 cos

Cracking the whip on the promoters of over 100 private sector companies having failed to attain minimum 25% public holding, the Securities and Exchange board of India (SEBI) has ordered freezing their voting rights and corporate benefits and barred them from holding any new position on boards of listed firms. The promoters and directors of non-compliant companies have also been barred from dealings in the market and holding new positions on the boards of listed entities till the time those companies comply with the minimum public shareholding requirements.

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