Nirma EGM 0n 23/7/13 - Shareholders to Protect Their Rights

http://newsmaster.in/nirma-shareholders-shocked-over-fresh-exit-offer/#chitika_close_button

http://articles.economictimes.indiatimes.com/2013-07-10/news/40492453_1_exit-price-nirma-share-capital

Nirma Compulsory Buy Back- Shareholders to Oppose Tooth And Nail

Shareholders of Nirma Limited are determined to oppose vehemently Nirma Limited 's anti small shareholder move to compulsorily buy back non promoters shares @ Rs. 225 ( Rs 5 Paid ).

Earlier Delisting Price was Rs. 260 . Now , Kicking Out Rate is Rs. 225 . 

Are the Promoters willing to Sell Out their Holding at Rs. 225 ?

EGM at Ahmedabad on 23/07/13 , 11 AM

Shareholders are writing their opposition by sending letters , Regd Post , to the Compliance Officer. Later , legal action ( like with Cadbury India and Shakti   Metdor would be undertaken )

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Delisted

wef :28-03-2012

Exit Offer : Rs. 260 ( for Rs. 5 Paid Up Share )

Exit Window Closed on 03-10-2012

--------------------------------------------------http://www.rareindianshares.info/2013/04/nirma-drops-move-to-consolidate-face.html

http://www.rareindianshares.info/2013/05/corruption-is-there-in-indian-corporate.html

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Nirma Compulsory Acquisition of Non Promoters Details

Total Number of Non Promoter Shares  : 7439704 shares - Rs. 5 Paid  ( 4 :68 % )

No. of Non Promoter :Shareholders :41,619 

Reason given in EGM Notice ( for 23/ 07 / 13 -11 AM , Ahmedabad ) as to why Promoters ' shares are excluded from compulsory capital reduction is that these Share holders have given their consent to RETAIN their shares ( Page 3 - Explanatory Statement  , Second Last Para ).

So , the legal position may be that all those shareholders ( Promoter or Non Promoter ) who give their consent to retain their shares would be excluded from this compulsory acquisition / cancellation of shares . 

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Nirma EGM- Shareholders Force Voting - Ballot Results Tomorrow

We have received Reports ( which please RECHECK independently - no responsibility with us ) that :-

EGM- 23-07-13  - for compulsory acquisition of Non Promoter shares was stormy.

Shareholders  asked for

1 ) Cancellation of this anti shareholder move.


2 ) challenged the Valuation Report

3 ) Decided to oppose the Move in the  Hon'ble High Court of Gujarat ( on the lines of Cadbury India and Shakti Metdor cases)

Ultimately , voting was held ( ballot system )


Results are expected to be declared tomorrow.

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