They are mounting a Counter Offer to acquire Reed Relays Promoters' shares at a premium to the price offered by the Promoters.
It appears that there would soon be a new Management Team.
M/s Reed Relays Victims Committee (an Association of Persons i.e. AOP )may come into being which would initiate legal steps
A Co-ordinator is to be appointed.
Volunteers are most welcome .
Please come forward.
ctober 07, 2017
Reed Relays Cancels Public Shares @ Rs.107- Shareholders Aggreived
for mailing a copy of Hon'ble NCLT Chennai Order dt. 04/10/2017, Order No.CP 21 / 66 ( 1 ) / CB / 2017 , under Section 66 ( 1 ) of The Companies Act 2013.
The operative part of the Judgement is that Hon'ble NCLT has accepted Reed Relays ' case in totality . Shares of Non Promoters would be compulsorily cancelled @ Rs. 107 ( as determined by valuers appointed by Reed Relays.
The Blog wishes to place on record the spirited objection put up by the leading Share Dealer of Chennai , Dilip Surana .
We wish more such Pro Public, Pro Active Shareholders Guides come forward,
Great Work : Mr. Dilip Surana
September 19, 2017
Shareholders should not give up . Resources should be contributed ( Contri ). An Appeal should be filed
with and an Interim Stay applied for
National Company Law Appellate Tribunal
Grounds of Appeal
Hon'ble NCLT has erred in observing that NCLT cannot increase the price of compulsory acquisition . It can as was done by the Hon'ble Hiigh Court of Bombay in the case of Cadbury.
Blog Comments Please consult
Promoter intention is wrong and accumulated good number of shares which are undue transfered into their name. They casted thier votes "In Favour" of buyback only else others are opposing the offer.Request you to take last step as that we 4-5 Investor will put our offer and take over promoter stack at more than offered price.