Markets regulator Sebi today lifted restrictions imposed on Vintron Informatics after the firm complied with minimum public shareholding norms.
Markets regulator Sebi today lifted restrictions imposed on Vintron Informatics after the firm complied with minimum public shareholding norms. The Securities and Exchange Board of India (Sebi), in June 2013, had imposed curbs on 105 firms including Vintron Informatics, its 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 the company and barred them from holding any new position on boards of listed firms, among others. The restrictions on Vintron Informatics were affirmed through a confirmatory order in September 2014. In an order passed today, Sebi vacated “the directions issued vide the interim order dated June 4, 2013, read with a confirmatory order dated September 2, 2014, against Vintron Informatics, its directors, promoters and promoter group with immediate effect”.
The decision has been taken after the firm successfully completed two rounds of offer-for-sale between February and March 2017 for achieving minimum public shareholding (MPS) norms. As per the shareholding pattern for the quarter ended March 31, 2017, the promoter stake in Vintron Informatics reached 75 percent, while the same for the public was at 25 percent, the regulator said. “It is observed that as on March 24, 2017, VIL has achieved the MPS and has complied with the MPS norms,” Sebi said.