Citizens' Issues
BSE to invest Rs150 crore for setting up international exchange in Gujarat

BSE, along with its associates and members, would invest up to Rs150 crore to set up an international exchange that will help global companies raise funding from other overseas investors

 

The BSE (erstwhile Bombay Stock Exchange), the country's oldest stock exchange on Monday said it will set-up an international exchange in Gujarat with an investment of Rs150 crore.
 
This exchange will be set up in Gujarat International Finance Tec-City (GIFT) being developed by Gujarat government as the country's first international financial services centre (IFSC).
 
BSE, along with its associates and members, will invest upto Rs150 crore to set up this international exchange. The new exchange will also help global companies raise finance from other overseas investors.
 
"This will help India to compete with other destinations ... Making GIFT as one of the foremost International Financial centres in the world such as Hong Kong, Singapore, Dubai and London," BSE Managing Director and CEO Ashish Chauhan said in a statement.
 
The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, commodities, currencies, other classes of assets and derivatives by international investors.
 
BSE had signed a memorandum of understanding (MoU) with GIFT SEZ Ltd at the Vibrant Gujarat Global Summit.
 
As per the agreement, "BSE will establish an international exchange in GIFT SEZ-IFC, a multi-services special economic zone (SEZ) being developed as India's first International Financial Services Centre by Gujarat International Finance Tec-City Company Ltd."
 
Earlier, BSE Brokers' Forum entered into an agreement with GIFT City for setting up their operations and shifting their back-end operations in the domestic finance enclave.
 
BSE Brokers' Forum has been allotted 4.5 lakh square feet of development rights with total investments expected at be about Rs200 crore.
 

User

March-end rush: Jaitley says govt to sell stake in more than one PSU

So far, the Modi government has realised Rs1,715 crore from disinvestment proceeds against a target of Rs43,425 crore for FY2014-15

 

With less than three months left in the current fiscal, Finance Minister Arun Jaitley Monday said the divestment programme would be pursued on priority and involve more than one public sector unit (PSU) during this period.
 
The government has realised Rs1,715 crore from disinvestment proceeds so far in the current fiscal 2014-15, for which it had set a target of Rs43,425 crore from sale of its shares in listed companies.
 
Jaitley’s comments follow media reports that the government is looking to sell 10% of its stake in Coal India Ltd (CIL), the country's largest coal producer, to raise about Rs24,000 crore.
 
While terming the reports as speculative, Jaitley said the government will sell part of its stake in more than one public sector company before March-end.
 
"I am not making any comment on any specific company. All I can say is that the names being mentioned in the media are speculative," he told reporters on the sidelines of the Vibrant Gujarat Summit.
 
"As far as the government is concerned... In the next two-and-half months, leading up to 31st March... is going about disinvestment in more than one company, which is going to be our priority," he said.
 
He, however, did not name the companies where the government is looking at divesting its stake.
 
"... Which is the one that we are coming up first, nobody knows, and therefore reports in media are speculative," he said.
 

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Vanishing companies and the unending fight of investors to recover money

More than 3,000 listed companies have disappeared over the years. Even after a massive exercise and expenses, by the executive, Parliament and High Court's order, investors continue to be in a lurch 

 

Over the last two decades, hundreds of companies that have vanished after picking up hundreds of crores of rupees from investors. And despite, direction from High Court some 15 years back, none of the investors have received a single penny. Hearing a public interest litigation (PIL), the Allahabad High Court had also directed the central government to set up a joint co-ordination and monitoring committee (CMC) to identify companies, which had disappeared after raising money from public issues and recover money from them.
 
Later, the Joint Parliamentary Committee (JPC) also took up this issue and in its report to the Parliament in 2002, recommended: “What the Committee are seriously concerned is about how the investors may get their money back from the vanishing companies. The Committee urge that Securities and Exchange Board of India (SEBI), the (then) Department of Corporate Affairs (MCA), Company Law Board (CLB) and Reserve Bank of India (RBI) should work seriously towards achieving this objective and take all necessary steps, including attachment of properties of directors of vanishing companies.” 
 
The Allahabad HC order approved that the CMC would settle the policy issues regarding the delinquent companies/ promoters and would monitor the progress in regard to the action. The Secretary, DCA (now Ministry of Corporate Affairs) and Chairman of SEBI would be the co-chairman of the CMC and senior officials of DCA and SEBI would be other members. 
 
Seven Task Forces, comprising of Regional Director/ Registrars of Companies (ROC), SEBI and stock exchange officials, would assist the CMC and identify companies which have disappeared or which have mis-utilised the funds mobilised from the public and suggest appropriate action in terms of the Companies Act and SEBI Act after necessary investigations. 
 
Formed in 1999, the CMC identified 238 vanishing companies: 229 by March 2001 and another nine in 2007. All 238 companies’ initial public offerings (IPOs) were issued during 1992 to 1999.
 
The JPC’s attention was drawn on vanishing companies by Midas Touch during its deposition. In its report submitted to the Parliament in 2002, JPC stated: 
 
14.28 Pointing out that investors have lost confidence due to the happenings in the last decade in the stock market, a representative of Midas Touch Investors Association (Virendra Jain) cited the case of vanishing companies and said:
 
“In the years immediately after liberalization, 1.5 crore new investors, small investors as we call them, came into the market between 1992 and 1996 through IPOs. They were duped. At that time Rs86,000 crore were raised in four years through public issues and right issues by four thousand odd companies. Most of these 1.5 crore investors who came in for the first time in the stock market were duped…… Till date 229  companies (only) have been identified by the Government appointed monitoring committee, as having made public issues and disappeared. No one has been arrested and no money has been recovered. There has not been even an action plan as to how to recover that money.”
 
 JPC report further stated:
“11.42 The Committee note that the action by SEBI and DCA has enabled the tracing of 160 out of 229 companies which were earlier treated as vanished. There are still 69 companies, which remain untraced.”  
 
Since then, the issue of vanishing companies has been raised during the Question Hour of Lok Sabha and Rajya Sabha over 150 times.  The data given in the replies has virtually been the same!
 
(On Midas Touch request, it was raised for the first time on 20 December 1996 in the Lok Sabha question no. 4432 by Capt. Jagat Vir Singh Drona, MP from Kanpur: 
"The number of companies, which made their public issue in 1992 and onwards and are not traceable?" The minister replied that the information is being collected and shall be submitted in due course.)
 
The latest written replies to un-starred question (no.415) in Lok Sabha on 11 July 2014 by Nirmala Sitharaman, the Minister of State for Finance and Corporate Affairs and to un-starred question (no.1741) in Rajya Sabha on 9 December 2014  by Arun Jaitley, Minister of Corporate Affairs were identical. As per practice of last 12 years, the data of vanishing companies given to Parliament is same: Companies Identified initially: 229 & 238 (since 2007) & Vanishing: 69 and 78(since 2007). The replies were: 
 
(a) A total of 238 companies which had raised funds through Public issues were initially identified as ‘vanishing companies’ as they had stopped filing documents/ balance sheets with the regulators and were untraceable. Out of these, 128 companies were removed from this category and placed under a ‘watch list’, as these companies had started filing their documents/ balance sheets, etc. In addition, 32 companies are presently under liquidation. Thus, as on date, there are 78 companies, which remain in the list of ‘vanishing companies’. 
 
Besides the question hour, vanishing companies issue was on the agenda of Parliamentary Standing Committee on Finance for over 10 years and discussed at length in their meetings. The CMC and Task Forces cumulatively have conducted over 150 meetings between 1999 and 2013. 
 
Further, Midas Touch had submitted three lists totalling 913 companies for inclusion in vanishing companies list after examination: 161 companies in 2012, 604 and 148 companies in earlier lists, which the CMC in its minutes of meetings, held in 2006 and 2007, stated that over 50 companies have been identified for inclusion and rest are under examination. However, we never got any response and none of the company added subsequently in the list. We estimate that over three thousand listed companies have disappeared. 
 
Then why, at the end of the day, after such a massive exercise and expenses, by the executive, parliament and High Court’s order does CMC have so little to show? In terms of (a) number of vanishing companies identified and (b) recovery of money siphoned off and return to its shareholders? 
 
Firstly, CMC and Task Forces constitutes, with few exceptions, of those whose failure - to monitor listed companies and enforce law- enabled predatory promoters’ companies to vanish. The Allahabad High Court trust in CMC was misplaced. Supreme Court has followed different principle-entrusting the probe to Central Bureau of Investigation (CBI) and or Special Investigation Team (SIT)- in recent scams and it has yielded results e.g. In Saradha scam, arrests of those suspected of aiding, abetting and sharing the booty with scamsters and recovery of money looted has begun. 
 
Second, in a democracy, it is the Parliament’s, and not Judiciaries’, prerogative and constitutional obligation to keep an oversight over the executive.  
 
Oversight of the executive is one of the important function entrusted to Parliament under the Indian Constitution.  This enables the Parliament to hold government accountable and prevent unconstitutional policies and action on part of the government.
To carry out this task effectively, Parliament has two crucial instruments at its disposal viz. (a) “Questions” and “Debates in the Parliament” and (b) “Parliamentary Committees” which can scrutinise government policies and action. 
 
However, answers given, in the question hour, and, discussions on Parliamentary Committees, on vanishing companies- spread over last twelve years- has exposed the fundamental shortcomings of system and processes adopted for parliamentary oversight of the executive. Resultantly, it has made Parliament largely dysfunctional on this score.
Wide-ranging reforms are required for an effective parliamentary oversight (which may be dealt in next article). These include, but the suggestions are not limited to:
 
Reforming Question Hour processes: Apprising the concerned MP, in advance, of the
background of the issue raised and answers given, if any, in last two years of the question raised.
 
Parliamentary Committee meetings: Be open to public; Institutional mechanism be evolved for public and NGOs participation along with concerned officials/executive.
 
Introducing oversight on Regulators: Presently, regulators are not directly accountable to the parliament. Mechanism for transparent oversight of regulators should be prescribed for institutionalising all stakeholders’ participation.  
 
(Virendra Jain is Founder & President of Midas Touch Investors Association and had filed a litigation on the Rs1 lakh crore loss to investors on account of suspended companies and has also intervened in the PIL against SEBI’s consent orders which let off law breakers with a small fine)
 

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COMMENTS

Dipakkumar J Shah

2 years ago

As far as I understand, No association works for public at all. Kirit Somaya also had been approached many years bacn but no body did so far.
This reminds me a CERC in Ahmedabad . WHo had been given one case of Amin Auti , Bajaj Dealer . Who was delivering the scooters without paying octroi to the persons residing in side city limit!!!!. Those who claiming actual living out side octroi limit were charged Octroi!!! It was intimated to Bajaj AUto also no action so far for all these years.Gandhian Culture of Bajaj Faminly???!!!!I was told by Amin Auto to take Ocroi charges for me only. The others in que were of more than 50000 persons and amount inlacs of rupees???
I did not compromise the case . Finally summoned up and dismissed by Consumer Forum!!!!
Shah D J

REPLY

Sucheta Dalal

In Reply to Dipakkumar J Shah 2 years ago

Associations can guide you, but most do not have the money to fight your battle.
Also, the middle class does not donate, so "associations" cannot get any stronger or more resourceful.
We do tell people how not to lose money -- and those are FREE seminars. But guess what, only a tiny percentage of people want to attend and learn how to avoid mistakes. Otherwise we should have a few lakh members!!
I would suggest you check out http://foundation.moneylife.in and look at event videos under EVENTS

Hemant

In Reply to Sucheta Dalal 2 years ago

Here i would suggest to charge,nobody cares, once their problem resoles.People should realize that they should be ready to pay if they want service.

Dipakkumar J Shah

In Reply to Hemant 2 years ago

Charity is charity. Mr Krit Somaiya should be intimated about all information of idle company and , defaulter in filing accounts, Companies Under Liquidation should be available on web of MCA. All and every thing should be Good Governance Minimum Governance by M C A and all offices. Web complaint shoiuld be transparent. Web Complaint page automatically expires and do not respond to properly.!!! God knows their Intentions of MC A , Score etc.

Dipakkumar J Shah

In Reply to Sucheta Dalal 2 years ago

Thanks for reply. But facts behind should also be seen.
When the matter comes up should be taken in spirit for all the persons truely and sincerely in true spirit the object for which Organization working for only.
Shah D J

Sucheta Dalal

In Reply to Dipakkumar J Shah 2 years ago

The object usually is to guide people on how to fight for their rights. That is done, clearly and comprehensively.

shanti Patel

2 years ago

Dear Readers,

Please comforward and give us the details of such companies to us at the office of the Bombay Shareholders Association, 3rd Floor, Bhupen Chambers,Near Bombay Stock Exchange, Near Union Bank Main Building. Fort, Mumbai-400001

We will take up the matter with the appropriate authorities.

S.K.PATEL
Co-Secretary-Bombay Shareholders Association
Mobile-9892485457

REPLY

Dipakkumar J Shah

In Reply to shanti Patel 2 years ago

I have asked the question are you the same S K Patel who was living in Syndicate Bank Building 4th Floor>?? Fort Mumbai?
Shah D J

shanti Patel

In Reply to Dipakkumar J Shah 2 years ago

No Mr. Shah

shanti Patel

In Reply to shanti Patel 2 years ago

No Mr. SHAH

Dipakkumar J Shah

In Reply to shanti Patel 2 years ago

1. The Baroda Crystal Glass Works Limited at Vadodara. For last more than 72 years no communication to shareholders after Private Issue of shares!!!
2> Poddar Projects Limited .
Many Companies are there.
3. Mittal Steel Limited at Bangalore.
5 Bengal Steel and Iron Limited .
Many more.
List of Under Liquidation process not known.!!!??
Companies are working silently but no communication to SHareholder.
Under Transfer of Property Act, every transfer has to be documented. But many Companies without taking share certificate duly transferred the shares to one company??? Hon . High Court and Supreme Court No Voice ??? Granted the same without transfer of shares as it should be!!!!
What isn the provisions of Law?
Mr Patel , r u the same who was in Syndicate Bank Building or other?
Shah D J

Dipakkumar J Shah

In Reply to Dipakkumar J Shah 2 years ago

There are thousand of companies silent and working for bad use of funds of Public Issue money. They may be delisted companies. Who cares for . !!!!

Vaibhav Dhoka

2 years ago

Vanishing companies problem is spreading fast and it only panics investors.But there are many companies that they are not vanished but there is no firm action on for their failure.failure. Neesa Leisure is one such company.The investigation and regulatory action should be as in USA,time bound and action oriented.

REPLY

Dipakkumar J Shah

In Reply to Vaibhav Dhoka 2 years ago

This also reminds me of one case . Ludhiana Company L W S Kintwear Limited . Who declared and paid the dividend . Issued TDS Certificates . But not actula paid the Dividend amount at all to all shareholders. R O C For years together were not taking any action for more than 10 years. You know the purpose behind it..... After complaining and complaining for all these years to all departments, after 10 years I got the reply that the matter has been taken up for criminal prosecution !!! Then I asked that for all these years why were you silent over this ?? No reply.
Shah D J

Dipakkumar J Shah

In Reply to Vaibhav Dhoka 2 years ago

It is all about Corruption in SEBI and M C A , Registrar of Companies. Modiji can not take action of GOOD GOVERNANCE!!! It is just to say. Nothing more. SEBI , M C A , Are they Prepares some Rules to control,!!!???? but for what? To call them to their office and to give them hefty amount. What is the meaning of GOOD GOVERNANCE!!!!

shanti Patel

In Reply to Dipakkumar J Shah 2 years ago

Dear Mr.D.J.Shah,
Please give us full list of all the companies. We shall do whatever is possible including a meeting with Mr.Kirit Somaya, M.P.

Regards,

Yours Sincerely,
S.K.PATEL
9892485457
Co-Secretary of Bombay Shareholders Association

Bhagywant Daphale

2 years ago

Wow, in name of law, SEBI gives notices, many a times these notices work only against the interest of general investors, give notice, spread panic and then company is screwed up so is the public money, in odisha in name of law so many companies were closed down before even the investigation but how about investors?? PACL was close down in name of law, I guess company was never in default but now agents, customers are on street, people lost the employment, investors lot their money, people who put up hard work for years to take company to top level are facing jail time, for whom all this shit happened??? If it is for public, can SEBI or government pay public and then recover it from company???

REPLY

MDT

In Reply to Bhagywant Daphale 2 years ago

Thanks for your comment.

At Moneylife, we warn people that money invested in any company for 'double return' in shortest time or in corporate FDs, is unsecured and not 100% safe. We tell 'investors' to look at credit ratings and only invest in AAA rated companies and not be greedy for 1% or 2% more or fall prey for quick, double money schemes by ponzi or chain money operators.

Any entity, be it a company as you like to call it, or an individual, who collects money from 'investors' with a promise to give extraordinary returns (in any form) needs to obtain proper registration and other permissions from regulators like SEBI and RBI.

Do you know, all MLMs and ponzi schemes work on geometric expansion? For instance one gets ten sponsor to sponsor another ten and so on. The fraudsters call it expanding matrix (!) that gives corresponding kick-backs at various levels. The problem with pyramid schemes is simple math and common sense. At a mere three levels deep, there would be 1,000 people, while at six levels deep there would be 10 lakh people believing that they can make a 'fortune' and 'achieve a dream' by mere selling.

Moneylife Foundation has also been repeatedly writing to the RBI to act against MLM companies, because they cannot possibly transfer profits out of India without permission from the banking regulator. Over the past five of its existence, Moneylife Foundation has conducted over 200 financial literacy seminars. Each of our core literacy modules warns investors against investing in multi-level marketing schemes which offer extraordinary returns linked to the enrollment of more members.

And if you, yourself is not careful about 'investing' your hard earned money, why should anyone be blamed? Have you ever asked, SEBI or RBI or any publishing house before putting your hard earned money in the company to get quick and double returns? Then why blame regulators and media? Remember, media, like Moneylife, is just a messenger, in the sense it has not ordered the company to shut its business, it is the job of regulators, the adjudicating authority.

Hope people like you would be more careful next time while 'investing' your hard earned money for receiving extraordinary return without checks with the regulators.

Thanks again

Regards,
MDT

Dipakkumar J Shah

2 years ago

Who is to hear PIL. I have received a reply from Supreme Court that I should file PIL . But the Fact is that per Law Hon. Justice Supreme Court can consider the POst Card or letter as a Petition? WHo dare to ???!! No?. Reply I have received. Even if you say where total ignorance of Law totally , ignored by R O C, O L, M C A and all MCA Offices for 20 years. Never reported in last 140 years all over the world!!! A case of Dividend paid out of capital, from publis issue moeny, and mere book entry of profit. Why they do not take any action? Because their Pockets are being filled...
See the final Judgment given by Justice Mr Mohit Shah in the Company Petition 17 of 1996 of Gujarat High Court. You can know how the flow is flowing? Final wordings used , blunt and more.
God save us.Good Governance and all.
Shah D J

Dipakkumar J Shah

2 years ago

Who is to hear PIL. I have received a reply from Supreme Court that I should file PIL . But the Fact is that per Law Hon. Justice Supreme Court can consider the POst Card or letter as a Petition? WHo dare to ???!! No?. Reply I have received. Even if you say where total ignorance of Law totally , ignored by R O C, O L, M C A and all MCA Offices for 20 years. Never reported in last 140 years all over the world!!! A case of Dividend paid out of capital, from publis issue moeny, and mere book entry of profit. Why they do not take any action? Because their Pockets are being filled...
See the final Judgment given by Justice Mr Mohit Shah in the Company Petition 17 of 1996 of Gujarat High Court. You can know how the flow is flowing? Final wordings used , blunt and more.
God save us.Good Governance and all.
Shah D J

Dipakkumar J Shah

2 years ago

Who is to hear PIL. I have received a reply from Supreme Court that I should file PIL . But the Fact is that per Law Hon. Justice Supreme Court can consider the POst Card or letter as a Petition? WHo dare to ???!! No?. Reply I have received. Even if you say where total ignorance of Law totally , ignored by R O C, O L, M C A and all MCA Offices for 20 years. Never reported in last 140 years all over the world!!! A case of Dividend paid out of capital, from publis issue moeny, and mere book entry of profit. Why they do not take any action? Because their Pockets are being filled...
See the final Judgment given by Justice Mr Mohit Shah in the Company Petition 17 of 1996 of Gujarat High Court. You can know how the flow is flowing? Final wordings used , blunt and more.
God save us.Good Governance and all.
Shah D J

manoharlalsharma

2 years ago

At least u can LOCK the assets of the VANISHING coes.,and AUCTION it when market upps.But it is found that coes., r selling the assets openly getting money and sleeping Government agencies

u k saluja

2 years ago

Wonderful article by Shri V.Jain. It is really the need of the hour. Huge number of companies vanishing in India after duping small investors. Recent cases of Avon Corpn.Ltd. and Micro Technologies India Ltd., Mumbai are the recent examples where small FD holders and others have been duped of huge sums. Many article written in Moneylife, representations made to MCA, Liquidators, CLB, Reg.Directors, Deptt. of Company Affairs and others have not brought any response what to talk to getting back the money from such unscruplous promoters of such companies. People are the helm of affairs should rise to the occasion and protect the interest of the small investors and get back their hard-earned money from such companies. Thanks.

REPLY

Dipakkumar J Shah

In Reply to u k saluja 2 years ago

For FDR I filed a Petition U/s 58 to Company Law Board Northern Region against Jindal Steel Power Co Limited. A Naveen Jindal Company. For more than 6 years no reply or order. When some one of my representative visit the office of CLB Norther Region they are threatened ??? No details are available>>>> Commerce Graduates are taught Liquidators Accounts. But in fact No such accounts are sent to Shareholders as in the case of Company Working and sending regularly.!! Comment.
Shah D J

V K JAIN

2 years ago

In response to Shri Parimal Shah comments:
You are absolutely right. In our view also, only a PIL in Supreme Court can put enough pressure and produce results, IF entrusted to SIT.
We/Midas Touch would provide all the information it can, in such an endeavour, if earnestly undertaken by any one of you.

Virendra Jain

REPLY

shanti Patel

In Reply to V K JAIN 2 years ago

Dear Mr.Jain,
We all investors are thankful to you for the work you are doing.

As fa as vanishing companies are concern, nothing concrete has been done. I know few such companies. I know a MILKMAN have floated a company, collected crores and today moving in Merc.,staying in a posh locality and childerns are studying abroad!

Now insteed of VANISHING companies, a new trend is seen. A company makes a public issue at a hafty premium say at Rs.100 and slowly and slowly the prize of share goes down because it starts making losses and ultimately it reaches Rs.2. I feel SEBI should order Forensic Audit in all such cases where the prices have gone down by 70 to 90 percent. Above all these, financial literacy is MUST for all the investors in which MONEY LIFE is doing great work.
Please send me your mobile no./email id.
My Mobile no.9892485457
Email Id; [email protected]

Shanti Patel
Co-Secretary-Bombay Shareholers Assodication.
Chartered Accountant

Veeresh Malik

2 years ago

Thank you for this article. Much appreciated.

In this context, I filed a PG which is still "under process", as follows.

Registration Number : CBOEC/E/2014/00908

Name Of Complainant : Veeresh Malik

Date of Receipt : 30 Jun 2014

Received by : Central Board of Excise and Customs

Officer name : Smt. Hemambika R. Priya

Officer Designation : CommissionerCoordination

Contact Address : D/o Revenue, Room No. 245-C,
North Block, CBEC
New Delhi110001

Contact Number : 23092038

e-mail : [email protected]

Grievance Description : There are 16 Stock Exchanges in India where over 9000 companies are said to be listed and over 4500 of these companies are said to have defaulted on abiding by listing terms, though some of them are said to be paying the annual listing fees to keep their status alive. The grievance here is that service tax is in some cases reportedly being charged and collected, being charged and not collected, and in some cases it is not being charged and or collected. Since it is likely that the 14 Regional Stock Exchanges which have huge reserves will soon be shut down or absorbed by BSE/NSE, my grievance is that service tax dues from these regional stock exchanges as well as BSE/NSE on listing fees need to be quantified and collected well before this take-over by BSE/NSE takes place so that there is no loss to Consolidated Fund of India."

Readers are welcome to and invited to file paralel PGs / RTIs and escalate to PMO also if possible to ask about fate of this PG also.

Thank you MoneyLife!!

Parimal Shah

2 years ago

Why can we not have a PIL in the supreme court requesting constitution of SIT in view of the non-performance and squandering away public money on unproductive investigations over lastalost 20 years?
-Parimal

REPLY

Dipakkumar J Shah

In Reply to Parimal Shah 2 years ago

The flow for 20 years is full developed by....................
You name , it is booked from all angles!!!!We can not expect such things from such bodies whose business is to impart Justice!!!!!

Dipakkumar J Shah

In Reply to Parimal Shah 2 years ago

The case I have referred below is reported to Hon. Supreme Court of India by e mail. The issue is different. Debit of ATM Charges issue free of cost on a contract signed by Depositor. But without taking Signature of depositors a fresh, by way of giving advertisement in all India News Papers in general started debiting ATM Charges Rs 50 and now more. My PIL in High Court of Gujarat on record is pending ,but by order said dismissed. Worth to be noted . Special Civil Application Number 7736 of 2006. Please have a look ........

Dipakkumar J Shah

2 years ago

The lsit you may be refering of recent Public Issues. Let me take you to one company named The Baroda Crystal Glass Works Limited , well back in 1940...
So far no communications sent by the company to shareholders so far???? One complaint is lodged with R O C many times . But nothing. Even further to this there is a one case reported to R O C a case of dividend paid illegal , out of capital. For more than 20 years. Such case never reported in world over in last 140 years. But nothing has happened or in process!!!!! What king of strict compliance of Law is expected from Supervising and Law Compliance Authority? Every R O C has gained out of the Complaint sent by me to R O C!!!!! What could be I do not have any knowledge. Many silent companies are being handled by professionals internally for their own purpose ?? No accounts are sent to shareholders no notice is also sent to shareholders , no communication!!!

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