Sebi lifts curbs imposed on Accel Frontline, its promoters

Sebi today revoked restrictions imposed on Accel Frontline, its promoters and directors, whose voting rights and all corporate benefits were frozen for violation of minimum public shareholding norms.
The ruling came after the company complied to the minimum 25 per cent public shareholding norms.
Sebi had found Accel Frontline's promoter group holding 75.29 per cent stake in the company, higher than permissible limit of 75 per cent under the shareholding norms.
The market regulator had prohibited promoters and directors of the firm from dealing in the shares of Accel Frontline except for meeting the minimum 25 per cent public shareholding limit till the time of their compliance to this requirement.

Following the Sebi's order, the company undertook an OFS in August last year to offload the excess 87,574 (0.29 per cent) equity shares held by its promoters.
It then approached Sebi to lift the restrictions imposed on its promoters.

Accordingly, Sebi revoked "the directions issued vide the interim order dated July 22, 2015 against the company, Accel Frontline Limited, its directors, promoters and promoter group, with immediate effect".
While passing the order, Sebi Whole Time Member Prashant Saran also warned the company and advised it and its promoters and directors "to ensure compliance with all the applicable laws and regulations administered by SEBI, in letter and spirit".

In the final order, Sebi directed "freezing of voting rights and corporate benefits like dividend, rights, bonus shares, split, etc with respect to the excess of proportionate promoter group shareholding in the company, till such time the company complies with the minimum public shareholding requirement."
The regulator had also restrained promoter group entities and directors of company from holding any new position as a director in any listed company, till the time the firm complies with the norms.