SEBI has provided certain exemptions for voluntary delisting of the shares of The United Provinces Sugar Company Ltd (TUPSCL). The company’s shares were listed on the Calcutta Stock Exchange (CSE), which is non-operational now. Nearly 95 per cent of stake is held by promoters. In August, it sought exemption from minimum public shareholding requirement and certain provisions of delisting regulations.
SEBI on Monday said although the company has continuously failed to comply with the MPS requirement. In its application, the company said that since its shares are not listed on any nationwide exchange, there is no investor interest in its shares.
SEBI said enabling delisting of the company, albeit with some relaxations, would be in the overall interest of the public shareholders of the firm.