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Sebi provides some compliance exemption to LEDO Tea Company for delisting PTI Markets regulator Sebi on Monday granted exemption to LEDO Tea Company Ltd from compliance with certain provisions of delisting norms for voluntary delisting of equity shares. The firm is listed on the BSE. Sebi had received an application from the firm in January 2021 seeking exemption from the applicability of certain provisions of delisting norms. The requirement for receiving consent of the shareholders holding at least 90 per cent of public shareholding of a company, as mandated under the Delisting Regulations, has been relaxed. Sebi noted that the firm has made repeated efforts to reach out to the shareholders and despite having made efforts, it has not been able to contact a majority of the public shareholders. ....
Delisting of listed companies have met with limited success in India mainly on account of stringent pricing rules under the Delisting Regulations. ....
Texmaco Infra: Adventz Finance proposes ₹58/share as delisting offer March 05, 2021 × Saroj Poddar-owned Texmaco Infrastructure & Holdings Ltd is considering delisting from the bourses. A part of the Adventz Group, the company has already got Board approval for “voluntary delisting”. Shareholder approvals and other clearances will be sought soon. One of the promoter firms of Texmaco Infrastructure, Adventz Finance has expressed willingness to buy out public shares and has proposed an ‘indicative offer price’ of ₹58 per equity share. “Adventz Finance had informed the willingness of the promoter/ promoter group to accept equity shares tendered in the delisting offer at a price of ₹58 per equity share (Indicative Offer Price)….. The indicative offer price represents a premium of 27.87 per cent over the floor price,” the company said in a notice to the bourses. The floor price was determined at ₹45.36 per equity share. ....
Schneider Group’s India arm is reviewing a court order, which may require it to offer a better exit to domestic shareholders. “The order dated 15 February 2021.in the matter of Sebi order on Schneider Electric President Systems Ltd., is currently under review. Every decision, on the way forward, will be in keeping with the highest standards of business best practices which Schneider Electric is committed to,” said the Schneider Electric President Systems India spokesperson in an e-mail response. Schneider Electric President Systems had sought the Bombay High Court’s intervention after the stock market regulator ruled in favour of public shareholders earlier this year. The court asked it to approach the Securities Appellate Tribunal, a body which hears appeals against the stock market regulator’s decisions. ....