You are here: Home » PTI Stories » National » News
Business Standard

Sebi clarifies on re-classification of promoter group

Press Trust of India  |  New Delhi 

Shareholder's nod is not required for re-classification of promoter group members to public category, subject to certain conditions, said today.

Expressing its views on an application filed by pharma firm Alembic Pharma, the regulator said such re-classification may be allowed by the stock exchanges under listing norms subject to certain compliances.



Alembic Pharma had sought an informal guidance from on whether shareholders' approval would be required and whether the company may directly approach the stock exchanges for permission under Listing regulations.

The company had submitted to that five out of 25 persons of the promoter group have expressed the desire for re-classification of their shareholding from promoter group to public category.

"Our view is that the company may not be required to obtain approval of the shareholders for the proposed re-classification," said, adding that its response is based on the information given in the company's letter.

"Different facts or conditions might lead to a different result. Further, this letter does not express a decision of the Board on the questions referred," the regulator said.

Among others, the company submitted that the entities who wished to be re-classified are senior citizens and are not holding any control over the affairs and management of the company.

The watchdog also said that its views are expressed with respect to clarification sought in terms of Listing regulations and is not applicable for any other regulations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Sebi clarifies on re-classification of promoter group

Shareholder's nod is not required for re-classification of promoter group members to public category, subject to certain conditions, Sebi said today. Expressing its views on an application filed by pharma firm Alembic Pharma, the regulator said such re-classification may be allowed by the stock exchanges under listing norms subject to certain compliances. Alembic Pharma had sought an informal guidance from Sebi on whether shareholders' approval would be required and whether the company may directly approach the stock exchanges for permission under Listing regulations. The company had submitted to Sebi that five out of 25 persons of the promoter group have expressed the desire for re-classification of their shareholding from promoter group to public category. "Our view is that the company may not be required to obtain approval of the shareholders for the proposed re-classification," Sebi said, adding that its response is based on the information given in the company's ... Shareholder's nod is not required for re-classification of promoter group members to public category, subject to certain conditions, said today.

Expressing its views on an application filed by pharma firm Alembic Pharma, the regulator said such re-classification may be allowed by the stock exchanges under listing norms subject to certain compliances.

Alembic Pharma had sought an informal guidance from on whether shareholders' approval would be required and whether the company may directly approach the stock exchanges for permission under Listing regulations.

The company had submitted to that five out of 25 persons of the promoter group have expressed the desire for re-classification of their shareholding from promoter group to public category.

"Our view is that the company may not be required to obtain approval of the shareholders for the proposed re-classification," said, adding that its response is based on the information given in the company's letter.

"Different facts or conditions might lead to a different result. Further, this letter does not express a decision of the Board on the questions referred," the regulator said.

Among others, the company submitted that the entities who wished to be re-classified are senior citizens and are not holding any control over the affairs and management of the company.

The watchdog also said that its views are expressed with respect to clarification sought in terms of Listing regulations and is not applicable for any other regulations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Sebi clarifies on re-classification of promoter group

Shareholder's nod is not required for re-classification of promoter group members to public category, subject to certain conditions, said today.

Expressing its views on an application filed by pharma firm Alembic Pharma, the regulator said such re-classification may be allowed by the stock exchanges under listing norms subject to certain compliances.

Alembic Pharma had sought an informal guidance from on whether shareholders' approval would be required and whether the company may directly approach the stock exchanges for permission under Listing regulations.

The company had submitted to that five out of 25 persons of the promoter group have expressed the desire for re-classification of their shareholding from promoter group to public category.

"Our view is that the company may not be required to obtain approval of the shareholders for the proposed re-classification," said, adding that its response is based on the information given in the company's letter.

"Different facts or conditions might lead to a different result. Further, this letter does not express a decision of the Board on the questions referred," the regulator said.

Among others, the company submitted that the entities who wished to be re-classified are senior citizens and are not holding any control over the affairs and management of the company.

The watchdog also said that its views are expressed with respect to clarification sought in terms of Listing regulations and is not applicable for any other regulations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard