January 07, 2018
Macrofil Investments-Ban All Share Consolidations
Copy of Letter sent ( Speed Post ) to Macrofil Investments ( Tel 022-2207-0700 )
Dear Sirs ,
Sub : Consolidation of Face Value to Rs. 5000 - Our Objection
1 ) We are shareholders , for the past many years , of Macrofil Investments.
2 ) From the 34 th Annual Report ( which was despatched very late by you ) received by Courier on 03/10 / 2017 , we learnt of a NCLT petition for consolidation of Face Value to Rs. 5000 from the current Rs. 10
3 ) This move is a clever ploy by the Promoters ( Wadias ) to Compulsorily eject Non Promoter Public shareholders at a Throwaway Price because there has been in the recent past a sharp upward movement in the Share rates of , inter alia ,National Peroxide and Bombay Dyeing , these being the sizable investment of Macrofil Investments ,
3 ) Split to a Lower Face Value is acceptable and Permissible but not to a higher Denomination , especially if the whole exercise is being conducted with the Hidden Agenda of throwing out Loyal Non Promoter shareholders at a fraction of the intrinsic ( NAV ) of the share of Macrofil Investments.
4 ) Further . the whole exercise is illegal and not Maintainable because :-
a) The AGM Notice for the 34 th AGM was received by us on 03/10/2017 ( Couriers- Professional Couriers -Receipt No. KUR- 514641444 ) .The AGM was held earlier on 28/09/2017. This is contrary to the provisions of The Companies Act 2013 which mandates receipt by shareholders 21 days prior to the Meeting.
b ) No Notice of the alleged EGM dt.18/07/17 was ever received by us .
So , please withdraw this Consolidation exercise.
With regards ,
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