Public shareholding: Sebi refuses to lift curbs on Bhilai Engg

Capital markets regulator Sebi has refused to revoke restrictions imposed on Bhilai Engineering Corporation for non-compliance of minimum public shareholding norms.
After an interim order was passed against the company along with 105 others in June 2013, the firm in a communication to the regulator had said it intends to delist its shares from BSE and other stock exchanges.
Confirming the restrictions, Sebi whole-time member Prashant Saran said, "As regards the submission of the company regarding 'delisting', I note that the company has not taken any step towards the delisting prior to June 4, 2013."
He added: "I also note that the company has not fixed any timelines for the purpose of completing the delisting process. In view of the same, the submission of the company regarding delisting of its shares does not warrant any consideration as the same does not appear to be a serious proposal."

As per minimum public holding norms, all private sector listed companies are required to achieve at least 25 per cent public shareholding by June 3, 2013.
The Securities and Exchange Board of India (Sebi) had passed the interim order dated June 4, 2013 against 105 listed companies imposing curbs on them, including freezing of voting rights and corporate benefits such as dividend, issuance of rights and bonus shares, among others.