You are here: Home » Companies » News
Business Standard

33 GHCL promoters relieved from charges by Sebi

Press Trust of India  |  New Delhi 

Market regulator Securities and Exchange Board of India (Sebi) today relieved 33 promoters of chemical and textile company GHCL, who were charged with false reporting of their shareholding pattern in the company.

"Having considered the facts and circumstances and the submissions made by the promoter entities, I am of the view that the restraint order in respect of the said 33 promoter entities need not continue. The issues are left open, as a detailed investigation in the matter is on going," Sebi said in an order today.

Sebi said the company has been reporting false shareholding details of its promoters in its quarterly filing with the stock exchanges.

The promoter entities had submitted to the regulator that they had no role to play in the reporting of the shareholding done by GHCL to the stock exchanges and "that they were not even aware of the shareholding disclosures made by GHCL to the stock exchanges", Sebi said.

It was further submitted that there was no variation between their shareholding as disclosed to the stock exchanges under Clause 35 of the Listing Agreement by GHCL and their shareholding as recorded in the Register of Members maintained by the share transfer agent & registrar of GHCL.

Sebi, in its investigations had observed that the disclosures made by GHCL with respect to its promoters holding, across the four quarters of the year 2008, were at significant variance with the actual holdings.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, July 07 2009. 20:19 IST
RECOMMENDED FOR YOU
.