News: Shareholding norms: Sebi acts against 105 companies

C-Suite

Shareholding norms: Sebi acts against 105 companies

Cracking the whip on the promoters of over 100 private sector companies having failed to attain minimum 25 per cent public holding, Sebi on Tuesday ordered freezing their voting rights and corporate benefits and barred them from holding any new position on boards of listed firms, Mint reported.

Cracking the whip on the promoters of over 100 private sector companies having failed to attain minimum 25 per cent public holding, Sebi on Tuesday ordered freezing their voting rights and corporate benefits and barred them from holding any new position on boards of listed firms, Mint reported.

The promoters and directors of non-compliant companies have also been barred from dealings in the market and holding new positions on the boards of listed entities till the time those companies comply with the minimum public shareholding requirements.

In a 13-page late night order, Sebi also warned of further actions including levy of monetary penalties, initiation of criminal proceedings, restricting the trading activities of related stocks and other possible directions.

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Topics: C-Suite, #Updates

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