2016 -The Face Value of One share was increased from original Rs. 10 to Rs. One Lakh Per Share.
Old Trick to eject small Non Promoter shareholders.
Fractional Share consideration ( @ Rs.242 - same as Delisting rate years ago ) received . Share holding below 9999 shares forcibly cancelled.
December 21, 2015
Suashish Diamonds to Kick Out Loyal Remainder Public Share holders
Suashish Diamonds is holding an EGM on 05/01/2016 at Mumbai
Now , Suashish Diamonds intends to compulsorily eject the remainder 1204 loyal small shareholders ( Total shareholders 1217 ) by following the cheap trick of increasing the face value of one share from Rs. 10 paid up to Rs. One Lakh paid up.
Promoter Ashish R. Goenka holds 99: 06 % of shares.
As Suashish Diamonds , now, unlisted , the resultant fractions have been arbitrarily valued at Rs. 242 ( for Rs.10 paid up shares ) ( same at the Exit price determined 2 years back.
This is totally unacceptable and is sheer loot.
The Valuers etc are all engaged by the Managements and cannot be considered as Unbiased or totally Fair. Affected shareholders should be allowed to have their own valuers / Valuation Reports.
SEBI must intervene. Laws must be changed to protect the small share holders of Unlisted Companies.
Same anti small shareholder trick by Promoters of MNC Bosch Chassis ( Kalyani Brakes ) and real estate laden Jolly Boards.
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Disclosure : The Blog writer in his / family names had holdings in this Company .
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