MPS norms: Sebi curbs to continue on Citurgia Biochemicals

Markets regulator Sebi today confirmed restrictions imposed on Citurgia Biochemicals for its failure to comply with minimum public shareholding (MPS) norms.
However, Sebi said that "directions will not cause any hindrance for revocation of suspension and for any steps that are taken by the company for compliance with the MPS requirement or implementation of the directions of the BIFR (Board for Industrial and Financial Reconstruction)."
Citurgia Biochemicals is among 105 firms against whom Sebi had ordered various curbs in June 2013. These entities had failed to meet the 25 per cent minimum public shareholding (MPS) requirement for which the deadline ended in June 2013.

Sebi, through its interim order in June 2013, had frozen voting rights and corporate benefits of promoters/directors of non-compliant companies. Among other actions, they were also barred from holding any new position on boards of listed firms.
In an order passed today, Sebi said Citurgia Biochemicals had taken efforts for achieving compliance with the MPS requirements. However, it could not achieve compliance due to various reasons.
Further, as on date, the company is still non-compliant with the minimum public shareholding norms.
Consequently, Sebi has confirmed "the directions issued vide the interim order dated June 4, 2013 against Citurgia Biochemicals."
This order would remain in force till further directions.