PR No.172/2010
Order in the matter of Parsoli Corporation Ltd.
Shri M. S. Sahoo, Whole Time Member, SEBI, has passed an order dated July 27, 2010, in the matter of Parsoli Corporation Ltd.:
a) restraining Parsoli Corporation Ltd., Mr. Zafar Yunus Sareshwala and Mr. Uves Yunus Sareshwala from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market directly or indirectly for a period of seven years from the date of the Order (except for complying with directions mentioned at (c) below);
b) restraining Mr. Zafar Yunus Sareshwala and Mr. Uves Yunus Sareshwala from holding the position of Director in any listed company for a period of seven years from the date of the Order;
c) directing Mr. Zafar Yunus Sareshwala and Mr. Uves Yunus Sareshwala to make a public offer through a merchant banker to acquire shares from public shareholders by paying them the value determined by the valuer in the manner prescribed in Regulation 23 of the SEBI (Delisting of Equity Shares) Regulations, 2009 and acquire the shares offered in response to the public offer, within three months from the date of the Order;
d) directing BSE to facilitate valuation of shares to be purchased as at (c) above, and compulsorily delist Parsoli Corporation Ltd., if the public shareholding reduces below the minimum level in view of aforesaid purchase.
The order has come into force with immediate effect.
The full text of the order is available on the website: www.sebi.gov.in
Mumbai
July 28, 2010