Public Shareholders should ,bring such defaulting companies under the new Insolvency and Bankruptcy Code , for bringing in New Managements
In the seven months since the Insolvency and Bankruptcy Code (IBC) became operational, the resolution process for 200 companies has started, saidInsolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo on Saturday. This includes the 12 large accounts that were referred to the National Company Law Tribunal (NCLT) by the Reserve Bank of India (RBI).
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for Shareholders ' activism
Action against such Promoters can , also , be taken with Ministry of Corporate Affairs
July 29, 2017
No Annual Reports For 3 Years- Directors Stand Removed
"Further, the exercise of identification of the directors of the companies defaulting in filing of financial statements or annual returns for continuous period of three financial years has been undertaken as part of the ongoing process for disqualification for reappointment as director in that company or in other company for a period of five years, he said "
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There are many companies which have not sent Annual Reports to Shareholders or held AGM s.
Shareholders should write to Ministry of Corporate Affairs, seeking dismissal of their Board of Directors.Please write full Registered Office address with ISIN no, if available.
Ministry of Corporate Affairs,
'A' Wing, Shastri Bhawan,
Rajendra Prasad Road,
New Delhi, Delhi 110001
1 ) Its Directors should be removed
2) Proceeding should be initiated under the new Insolvency and Bankruptcy Code ( IBC )
September 26, 2010
June 22, 2017
Nijjer Agro Foods May Gain From Recent Bankruptcy / Restructuring Laws
Another such company may be Amritsar based Nijjer Agro Foods ( Delisted for non compliance from BSE).
Nijjer Agro Foods is asset laden
It has a huge land holding on GT Road ( Near Amritsar Toll Plaza ) and an excellent production facility.
Nijjer Agro Foods used to make Maggie sauces / ketchups for Nestle and supplied Amla juice to Patanjali.
It , also, had a milk plant/ ice cream factory.
Earlier there were unconfirmed reports of Nestle, Reliance Fresh etc were interested in taking over.
May be time has , now finally come for New Investors /Promoters to move in .
INVESTORS UNITE to Fight For Our Rights
JAB APNA HISSA MANGEY GEY
IK BAGH NAHI; IKK KHET NAHIN
HUM SAARI DUNIYA MANGEY GEY