We opposed , right from the passing of the Resolution , the move by Binani Metals Limited to Consolidate ( Reverse Split ) the face value of their Share from Rs. 100 to Rs. 1000 as anti small share holders and with ulterior motives .
But the Resolution / Process was bull dozed through .( No Listed Company in India has a Face Value of Rs. 1000 )
With great hope for JUSTICE , we took up the matter with Calcutta Stock Exchange ( the only Exchange where Binani Metals Limited is listed ) and after more than 2 years of our pleadings Calcutta Stock Exchange refused to initiate any action . So much so . even a Judgment Copy ( of our official complaint ) was not provided by the Calcutta Stock Exchange.Calcutta Stock Exchange behaved as if my Complaint simply did not ever exist .
http://www.rareindianshares.info/2012/09/rate-89-paise-per-share-transfer-of-48.html
1 comment:
As a shareholder I have attended many of these meetings of some of India’s largest companies, I have quickly learned that shareholders’ questions have little to do with family squabbles, succession policy, ill-advised acquisitions, or unflattering media reports.
Instead, they usually range from pleas for factory visits and bigger dividends to the quality of the snack served at the meeting. A few will ask about the cost of printing the annual report, and offer up suggestions for new advertising campaigns or congratulatory verse on the company. Rare is the instance when shareholders pose tough questions, let alone dissent.
In Indian we don’t have enough large shareholder associations that watch and exercise control over corporate and moreover older small investors are culturally very tied to the company, and are not given to criticism.
Shareholder activism can be exercised through proxy battles, publicity campaigns, shareholder resolutions, litigation and negotiations with management. We can use one or all of them but certainly we cannot do that individually since that is no more then a futile attempt.
The Securities and Exchange Board of India did consider at one point of time the Primary Market Advisory Committee's recommendation to introduce a uniform face value system for all listed companies. At present, companies decide their individual face value between Rs 1 and Rs 100.But regrettably nothing came out of it. I hope to see some action on this.
Lets hope for the best
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