Hira Automobiles Ltd Details Delisting Plans Following Acquisition Milestone
Hira Automobiles Ltd announced details regarding the delisting of its securities, following a process initiated by its Chairman, Mr. Rahul Inder Singh Sidhu, concerning the acquisition of a significant portion of the public shareholding.The company indicated that its board had previously authorized the delisting of the equity shares. These plans are rooted in events that began with a request letter from Mr. Rahulinder Singh Sidhu on May 25, 2013, concerning the acquisition of 4.98%, representing the total remaining public shareholding.
A timeline detailing the major steps taken in this matter illustrates the progression of the delisting process.
| Sr. No. | Event | Date |
|---|---|---|
| 1 | Request letter from Mr. Rahulinder Singh Sidhu, to the public shareholders about his plans of acquiring 4.98% i.e. the total remaining public shareholding of the company. | May 25, 2013 |
| 2 | Passing of the board of directions resolutions authorizing the delisting of the equity shares. | May 28, 2013 |
| 3 | Appointment of R.P.S Khurana and associates, company secretaries as the scrutinizer for the postal ballot and Class I Merchant banker for the purpose of delisting. | May 28, 2013 |
| 4 | Completion of the process of dispatching the postal ballot notices to the shareholders of the Company. | May 30, 2013 |
| 5 | Publication of Advertisement in newspapers about the dispatch of postal ballot notices to the shareholders. | May 31, 2013 |
| 6 | Request for Extension of Time to SEBI | June 3, 2013 |
| 7 | Reply to SEBI order bearing reference no. WTM/PS/08/CFD/JUNE/2013 dated JUNE 4, 2013 | June 24, 2013 |
| 8 | Last date for submission of postal ballot to the scrutinizer | June 29, 2013 |
| 9 | Result of Postal Ballot declared by scrutinizer | July 3, 2013 |
| 10 | Publication of Advertisement in newspapers about the Result of postal ballot resolution. | July 5, 2013 |
| 11 | Company has submitted draft offer letter to BSE for IN Principal Approval. | November 12, 2013 |
| 12 | SEBI vide its order dated 22.11.2013 has granted permission to Mr. Rahulinder Singh Sidhu for purchase of Balance Public share of 4.28% and to complete delisting within 5 months of the orders. | November 22, 2013 |
| 13 | The Company has received In Principal Approval from BSE Limited, Ahmadabad Stock Exchange Limited, Delhi Stock Exchange Association Limited and from Ludhiana Stock Exchange Association Limited | BSE = March 25, 2014 ASE = March 25, 2014 DSE = March 25, 2014 LSE=February 11, 2014 |
| 14 | The Company has not received requisite consent from shareholder | August 14, 2014 |
| 15 | SEBI vide its ADJUDICATION ORDER NO. ORDER/BM/DS/2024-25/30274 dated April 16,24, Imposed a penalty of Rs. 14 Lacs on the Company for non- filing of the Quarterly reports as per CLAUSE 19 OF SEBI ORDER BEARING REFERENCE NO. WTM/PS/08/CFD/JUNE/2013 DATED JUNE 4, 2013 which was duly deposited Vide YCPN2336497875 dated 24/05/2024. | April 16, 2024 |
| 16 | The Company is in the Process of Filing appropriate Application/representation with Securities & Exchange Board of India (hereinafter referred as 'SEBI')to seek necessary directions from SEBI to enable the Promoters of the Company to do the necessary Compliance of Minimum Public Shareholding Norms. |
The historical records show that the company received In Principal Approval from several stock exchanges on various dates. Furthermore, on April 16, 2024, SEBI imposed a penalty of Rs. 14 Lacs on the Company for non-filing of the Quarterly reports. The company stated that it is currently in the process of filing an application with SEBI to seek directions enabling the Promoters to comply with the Minimum Public Shareholding Norms.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.