April 21, 2018

Bharat Nidhi Shareholders to Benefit From Hon'ble Delhi High Court Order

In a significant order pertaining to investors' fraud through the Securities Exchange Board of India (SEBI), the Delhi High Court has reprimanded at least 60 defaulters who through a firm Bharat Nidhi Limited had fraudulently submitted documents that it was enlisted at a Rs non-existent' Calcutta Stock Exchange. 
The court has asked them to file affidavit within four weeks and spell out the exit route to be given to its investors as per the SEBI directives, which however has been confronted by the investors that SEBI was at fault for enlisting them even though they did not met certain conditions.
 The relief, if granted, will be in the interest of hundreds of shareholders worth thousands of crores of investments and will uphold the mandate of Section 11 of SEBI.
Following the High Court reprimanding last month, SEBI has assured the court that 63 companies will be brought back within 15 days from Calcutta Stock Exchange (CSE) to dissemination board of nationwide stock exchange. SEBI has also committed to the Court to take actions against defiant companies who are not giving exit route to investors.


Source / credit

http://www.dailypioneer.com/city/hc-reprimands--60-defaulters-for-fraud-through-sebi.html

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BLOG COMMENTS

It appears ( which please Recheck ) that Bharat Nidhi and 60 + other companies were bypassing SEBI 's Directions of 2016 ,to companies earlier listed in , now , Defunct Stock Exchanges , to either Relist in an National Stock or give an Exit Route to Non Promoters shareholders, by getting listed in Calcutta Stock Exchange which was a cosmetic move as Calcutta Stock Exchange is Non Operational and listing in CSE is of no use to Investors.


Hon'ble Delhi High Court., vide its Order dt. 20/03/2018, ( Justice Rajeev Shakdher ) in case No. WP ( C) 9846 / 2017 titled Jaspreet Aulakh Vs. SEBI and Another has decreed that Bharat Nidhi and others should ,with in 6 weeks , prepare the groundwork for giving an Exit Route to Investors.

Detailed Order 



This is a landmark Judgement in favour of small / Non Promoter shareholders.

Please , also , click


April 21, 2018


Reed Relays- Big Victory For Small Investors in NCLAT



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Blog Gratitude to

Divyanshu Aggarwal


(Director)

GROWFAST SECURITIES and CREDIT LTD ,Delhi

Tel : 011 - 47085000- 05

Tel :- +919811119970, +919821644180


1 comment:

Anonymous said...

Investors interests would be better served if Metropolitan Stock Exchange is declared Defunct like Calcutta Stock Exchange. SEBI should not renew in 2018 Metropolitan Stock Exchange 's licence