Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

TCPL Packaging Limited update on non-disposal undertaking by Promoter Group Companies

Posted On: 2020-04-04 10:32:03

TCPL Packaging Limited took loan of Rs. 22.25 crores on 14.09.2016 from ICICI Bank Ltd for meeting various capital expenditure. As a standard requirement from ICICI Bank Ltd, two major shareholders from the Promoters group were required to provide undertaking that they would not dispose of the shares during the period of the said loan. Accordingly, two of the Promoter Group Companies, viz Narmada Fintrade Private Limited and Accuraform Private Limited provided the undertakings severally, for not disposing of the shares held by them till the said loan is repaid, without the permission of ICICI Bank Ltd.

SEBI vide amendment to SEBI (Substantial Acquisition of Shares and Takeover) Regulations 2011 ("Takeover Regulation") on 29.07.2019, included non-disposal undertaking under the definition of encumbrances. Further SEBI vide circular no. SEBI / HO / CFD / DCR1 / CIR /P / 2019 / 90 dated 07.08.2019 mandated necessary disclosure of encumbrance of shares held by promoters to be made by 04.10.2019.

In compliance with referred circular dated 07.08.2019, the shareholding pattern of the Company for the quarter ended 30.09.2019 and 31.12.2019 reflected the encumbrance in the nature of non-disposal undertaking provided by the promoter group companies namely Narmada Fintrade Private Limited and Accura Form Private Limited.

Although the aforesaid promoter group companies have given non-disposal undertaking, there is no pledge or lien on the said equity shares held by the respective promoter group Companies. A note to this effect that encumbrance provided by the both promoter group companies is in the nature of non-disposal undertaking has been provided in the shareholding pattern but the same is not displayed on the website of the stock exchange for information of the public at large.

Since then, the company has been regularly receiving queries/questions from investors, enquiring if the Promoters have pledged the shares, as they get wrong messages. Therefore the has clarified that none of the shares of the promoters are pledged. The aforesaid promoter group companies have created encumbrance by furnishing undertakings for nondisposal of shares towards compliance of the standard terms and conditions of the bank which has given loan to our Company.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

ITC Ltd forms subsidiary ITC IndiVision Limited

Celent Recognizes Majesco with XCelent Award for Depth of Service in the North American Policy Administration Systems 2020 Personal, Commercial and Specialty ABCD Vendor View Report

Sadbhav Engineering Ltd reports Rs. 886.63 crore PAT in Q4 FY20

NLC India Ltd's project in Andaman commissioned

Swarnsarita Gems Ltd Q4 consolidated PAT at Rs. 0.26 crore

PNB Housing Finance Ltd reworks business plan for FY2020-21

Arihant Capital Markets Ltd posts Rs. 2.18 crore consolidated PAT in Q4 FY20

Inducto Steel Ltd Q4 FY20 net profit at Rs. 0.52 crore

Dai-Ichi Karkaria Limited enters into agreement for sale of land

Sun Pharma launches 'Thank you Doctor' campaign

Reliance and bp launch 'Jio-bp' partnership

Arihant Capital Markets Ltd Board approves Dividend for FY20

HPL Electric & Power Ltd Q4 FY20 consolidated PAT drops to Rs. 2.51 crore

HPL Electric & Power Limited board recommends final dividend of Rs. 0.15

TCS board declares interim dividend of Rs. 5 for FY2020-21

TCS Q1FY21 consolidated PAT lower at Rs. 7008 crore

Kabra Extrusiontechnik Ltd posts consolidated PAT of Rs. 0.74 crore in Q4

HCC FY20 Revenue at Rs. 3,676 Crore; EBITDA margin at 12.7%

Jaguar Land Rover Reports Q1 Fiscal 2020/21 Retail Sales

Muthoot Capital Services Limited completed transaction of Rs. 100.89 crores through securitization of portfolio

Vessel Seamec Gallant's contract extended for 1 year

W H Brady & Co. Ltd. Q4 FY20 consolidated loss at Rs. 0.24 crore

Arvind Fashions Ltd reports loss of Rs. 204.33 crore in Q4 FY2020

Vedanta readies for post-Covid economic recovery, strengthens its Advisory Board by appointing former Secretary, GoI and ex-SAIL Chief

Arvind Fashions Ltd signs agreement for sale of Flying Machine business

Ind-Ra affirms rating of Arvind SmartSpaces Limited

ALANKIT Ltd enters into Business Correspondent Agreement with IDBI Bank

Hexaware Launches COCO-Unified Teams Bot for Improved Employee Experiences & Seamless Return to Workplaces

Zensar featured in ISG's 2020 Digital Case Studies Book

Britannia Industries Ltd board to approve Q1 results on July 17, 2020

Flipkart Group and Arvind Fashions Strengthen Partnership

SBI Life Insurance Company Ltd board to consider Q1 results on July 21, 2020

BHEL successfully commissions World's first Solar PV Plant for Rail Traction application

Praj strides into the next frontier of Bioeconomy

Hitachi ABB Power Grids India wins INR 120 crore order for Indian Railways electrification

Karur Vysya Bank partners with Tata Motors to offer car loans at attractive terms

IIFL Finance Ltd allots 2000 NCDs

YES Bank files RHP for FPO

Linc Pen and Plastics Ltd update on FY21

Strides receives USFDA approval for Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate Capsules

ICICI Prudential Life Insurance Company Ltd board to approve 1st quarter FY21 results on July 21, 2020

Sharika Enterprises Ltd bags order from BHEL

Swelect Energy Systems Limited board recommends final dividend of Rs. 0.75

SpiceJet facilitates insurance of passengers for COVID-19 hospitalisation starting at Rs. 443/-

Shoppers Stop Limited opens new store at Phoenix Palassio - Lucknow

PI Industries Ltd closes QIP, fixes price as Rs. 1470

YES Bank has sold 2.66% stake in CG Power & Industrial Solutions Limited

NMDC's excellent performance at Bailadila Projects, Chhattisgarh, during lockdown

The Phoenix Mills Ltd. opens doors of its grand palatial shopping mall, Phoenix Palassio, in Lucknow

Swelect Energy Systems Ltd Q4 consolidated loss at Rs. 14.87 crore

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019