HIRA AUTOMOBILES LIMITED

Key Historical Events and Delisting Process

The report provides a chronological table of events related to the company's decision to delist its securities, initiated following a request from its Chairman, Sh. Rahul Inder Singh Sidhu.

  • May 25, 2013: Mr. Rahulinder Singh Sidhu sent a request letter to public shareholders about his plans to acquire 4.98% of the total remaining public shareholding.
  • May 28, 2013: The board of directors passed resolutions authorizing the delisting of equity shares and appointed R.P.S Khurana and associates, company secretaries, as the scrutinizer for the postal ballot and Class I Merchant banker for the delisting.
  • May 30, 2013: The process of dispatching postal ballot notices to shareholders was completed.
  • May 31, 2013: An advertisement about the dispatch of postal ballot notices was published in newspapers.
  • June 3, 2013: The company requested an extension of time from SEBI.
  • July 5, 2013: An advertisement about the result of the postal ballot resolution was published.
  • November 12, 2013: The company submitted a draft offer letter to BSE for in-principal approval.
  • November 22, 2013: SEBI granted permission to Mr. Rahulinder Singh Sidhu to purchase the balance public shares of 4.28% and complete the delisting within 5 months of the order.
  • 2014: The company received in-principal approval from BSE Limited (March 25, 2014), Ahmedabad Stock Exchange Limited (March 25, 2014), Delhi Stock Exchange Association Limited (March 25, 2014), and Ludhiana Stock Exchange Association Limited (February 11, 2014).
  • August 14, 2014: The company noted it had not received the requisite consent from shareholders.

Recent Regulatory Action and Penalty

  • April 16, 2024: SEBI imposed a penalty of ₹14,00,000 (₹14 Lacs) on the company via Adjudication Order No. ORDER/BM/DS/2024-25/30274. The penalty was for non-filing of quarterly reports as required under Clause 19 of the SEBI order dated June 4, 2013.
  • The penalty was duly deposited, as evidenced by payment reference YCPN2336497875 dated May 24, 2024.

Current Status and Forward Action

The company is in the process of filing an appropriate application or representation with SEBI. The purpose is to seek necessary directions from SEBI to enable the promoters of the company to complete the delisting process.