Sebi directs Miven Machine to complete delisting by Oct

Capital markets watchdog Sebi has granted an extension of three months to Miven Machine Tools to complete the delisting as the firm's promoters initiated the process again under the revised regulations.
The regulator said, "the company shall endeavour to complete the delisting process on or before October, 2015 and shall report the outcome of the process to Sebi within a period of two weeks thereafter."
Sebi added that restrictions would be reimposed immediately if the company fails to delist within the stipulated timeline.
The markets regulator, in an interim order in June 2013, barred promoters and directors of 105 firms including Miven Machine from dealing in securities of their firms after they failed to comply with minimum public shareholding norms.

Apart from prohibiting from the capital markets, Sebi had put several restrictions including freezing of voting rights and corporate benefits on them.
In a ruling dated August 4, Securities and Exchange Board of India (Sebi) said "extension of three months from July 3, 2015, as requested by the company...Be allowed in the interest of the public shareholders of the company."

Earlier in March, the regulator had asked Miven to delist the firm in four months.
While the company began the delisting process in March, Sebi amended the delisting norms.
As per the new regulations, which came into effect from March 24, 2015, Miven qualifies as a 'small company' and therefore had to restart the process under the new norms.

Considering all aspects, Sebi approved the extension of time period to three months.