Sebi refuses to lift curbs on Polson in MPS case

Comapny did not achieve the minimum 25% public holding within the June 3 deadline

Markets regulator Sebi has refused to lift restrictions it had imposed on Polson Ltd for not complying with the minimum public shareholding (MPS) norms.

The Securities and Exchange Board of India (Sebi) in June 2013, had imposed various curbs on over 100 firms, including Polson, their promoters and directors for not achieving the minimum 25% public holding within the June 3 deadline of the same year.

The regulator had frozen the voting rights and corporate benefits of promoters/directors of these companies and barred them from holding any new position on boards of listed firms, among others.

It had also warned the firms of further actions, including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.

According to the last disclosed shareholding pattern of the company for the quarter ended March 31, 2016, the public shareholding stood at 15.67%.

"It is clear that the company has not complied with the MPS requirements till date," Sebi said.

"Such non-compliance being continuous in nature, it becomes necessary for Sebi, to confirm the directions issued vide the interim order against the company, its directors and promoters/ promoter group," it added.

Accordingly, the regulator has confirmed the directions issued vide the interim order dated June 4, 2013 against Polson, its directors and promoters.