First Equity shares were compulsorily converted to Preference shares.
Now Preference shares compulsorily redeemed at Rs. 233 / 66 p per share.
General Warning : Investment in Shares Can be Injurious to Your WEALTH
Disclosure : The Blog writer in his / family names had holdings in ECE Industries Ltd . So please make suitable " provisions " for any likely Over Optimism
NB :All information given in good faith. Please recheck every point before taking an investment decision.No responsibility with this blog / blog writer
The Valuers etc are all engaged by the Managements and cannot be considered as Unbiased or totally Fair. Affected shareholders should be allowed to have their own valuers / Valuation Reports.
SEBI must intervene. Laws must be changed to protect the small share holders of Unlisted Companies.
Games Promoters Play ( on Minority Public Shareholders ).
Promoters use clever moves to forcibly eject Public shareholders when ever they feel like i.e. when the Company has excellent future prospects or when it suits the Promoters.
1 ) Selective cancellation of Non Promoters shares.
2 ) Conversion of Equity shares in to Redeemable Preference Shares.
3 ) Consolidation of face value of one share to a Higher Denomination .
In all cases , valuers are appointed and Paid by the Company. Thus they are Promoters' Agents.
Jolly Board , which holds very valuable real estate assets in Kanjur Marg , Mumabi , is also following similar cheap tactic to oust loyal remainder small shareholders.
Suashish Diamonds does the same anti shareholders move :-
Blog Disclaimer : Please Recheck All Information . All information given in Good Faith. No Responsibility .
For further case studies vis - a - vis small shareholders , please consider the following links :-