National Company Law Appellate Tribunal ( NCLAT ) , New Delhi has recently set aside the NCLT , Chennai ' Order regarding Reed Relays 'compulsory cancellation of Non Promoters' shares at a very low rate of Rs. 107 /- share.
NCLAT , New Delhi has ordered that the case be reverted back to NCLT , Chennai and be heard afresh.
Please , also , read the following post :-
October 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.
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