Markets regulator Sebi today refused to lift restrictions it had imposed on Kesar Petroproducts 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 Kesar Petroproducts, their promoters and directors for not achieving the minimum 25 per cent 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.
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It had also warned the companies of further actions, including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.
As per the last disclosed shareholding pattern of the company, the public shareholding stood at 6.19 per cent for the quarter ended September 2015.
It observed that the firm has "not complied with the MPS requirements till date and such non-compliance being continuous in nature," it becomes necessary for Sebi to confirm the directions issued against it, the capital markets watchdog said in an order passed today.
Accordingly, the regulator has confirmed the directions issued through an interim order in June, 2013 against the company, its directors and promoters.
