Quarterly compliance report on minimum public shareholding and delisting
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Hira Automobiles filed its quarterly compliance report under a 2013 SEBI order on minimum public shareholding. Delisting began in 2013 when Chairman Sidhu sought to acquire 4.28 percent public shareholding. Stock exchanges gave in-principle approvals in 2014, but shareholder consent was not received. SEBI levied a Rs. 14 lakh penalty in April 2024 for non-filing of quarterly reports, which has been paid. The company is now seeking SEBI directions to comply with the norms.
Long-pending delisting process remains unresolved; minority shareholders face continued uncertainty and risk of illiquidity.