To
All Trading Members of the Exchange
Sub: Order under section 11(1), 11(2)(j), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 read with section 12A of the Securities Contracts (Regulation) Act, 1956 in the matter of non-compliance with the requirement of minimum public shareholding by listed companies in respect of RMG Alloy Steel Ltd.( earlier known as Remi Metals Gujarat Ltd.)
Attention of the trading members is invited to the Notice No. 20131015-32 dated October 15, 2013, wherein SEBI vide its Order No.WTM/PS/55/CFD/OCT/2013 dated October 14, 2013 had inter-alia vacated the directions issued vide its ad-interim Order dated June 4, 2013 ( issued vide Exchange Notice No. 20130605-2 dated June 5, 2013) against the Company RMG Alloy Steel Ltd.( earlier known as Remi Metals Gujarat Ltd.), its directors, promoters and promoter group who had failed to comply with the Minimum Public Shareholding (“MPS”) requirements stipulated under rules 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules, 1957 within the due date i.e. June 3, 2013
However, it was also stated in the aforesaid Order that the direction issued vide SEBI Order dated June 04, 2013, shall immediately be revived (without the need for passing of a separate order) against the said company, its directors, promoters and the promoter group, if -
(i) the promoter shareholding in the company, RMG Alloy Steel Limited, is not reduced to 75% or less within February 06, 2014 being the end of the period till which the Hon'ble BIFR had given exemption ; and
(ii) The company, RMG Alloy Steel Limited, fails to increase its public shareholding to the minimum 25% as stipulated under rule 19A of the SCRR, within the said time frame (i.e, on or before February 06, 2014).
SEBI, now vide its Order no. WTM/GM/CFD/55/2018–19 dated September 06, 2018 revoked the directions issued vide Interim Order dated June 4, 2013 read with the Order dated October 14, 2013 and the Modification Order dated March 3, 2014, against RMG Alloy, its Promoters/Promoter Group along with its Directors.
This Order shall come into force with immediate effect.
The copy of the said orders are attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Shaila Valsan Rajesh Dubey
Manager Associate Manager
Surveillance Surveillance
Date: September 06, 2018
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