New Delhi: The Securities and Exchange Board of India (SEBI) has ordered the freezing of the voting rights and corporate benefits of over 105 private firms. These private firms have failed to meet the minimum public shareholding requirement.
The private firms, have faltered in attaining the minimum 25 per cent public shareholding requirement. The SEBI said the companies failed to meet the norms within the stipulated deadline of June 3, despite repeated reminders and various relaxations.
They have also warned the companies of further actions like levy of monetary penalties, initiation of criminal proceedings. Seventy two of these 105 companies have their stocks being traded regularly in the market while the rest have already been suspended for a variety of reasons.
In response to SEBI's action, Emaar MGF has released a statement where they have said, "We have not received any communication from the government authorities and hence we are not in a position to comment. We emphasise that the company continues to uphold the highest standards of corporate governance and follows the laws of the land."
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