Company not eligible to bring rights issue till prohibitory orders against promoter group is in force

SECURITIES APPELLATE TRIBUNAL, MUMBAI SRM Energy Ltd. V/s.  SEBI APPEAL NO. 77 OF 2012 MAY 18, 2012 ORDER P.K. Malhotra, Member & Presiding Officer (Offg.) – The appellant is aggrieved by the letter dated February 7, 2012 issued by the Securities and Exchange Board of India (for short the Board) to its merchant banker stating that the appellant is not eligible to proceed with its rights issue till the prohibitory order under Section 11 and 11B of the Securities and Exchange Board of India Act, 1992 (the Act) against Cals Refineries Ltd., one of its (appellant’s) promoter grou...