Jolly Board Consolidates Face Value to Eject Small Shareholders

Jolly Board Delisted in 2013 @ Discovered rate of Rs.1000 /- ( Face Value Rs. 10 ).

In order to compulsorily buy out shares from the remaining small shareholders Jolly Board proposes to consolidate the Face Value of its share from Rs. 10 to Rs. 100 .

Small shareholders holding less than 10 shares of Rs. 10 each and those holding in not multiples of 10 would see such Non 10 multiple holdings get reduced to fractions .

Such fractions would be disposed off by the Promoters.

Although the Promoters have indicated a price of Rs.1300 per share , this is not fair value and the Share is Delisted.

Jolly Board holds very valuable Land Banks in Kanjurmarg , Mumbai

http://www.jllproperty.co.in/en-in/maharashtra/mumbai/commercial-property-for-lease/jollyboard-tower/65643

and the consolidation of Face Value seems to be a ploy by Promoters to Buy shares at a manipulated  Low rate.

SEBI should enquire in the matter.
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For a very interesting analysis on Delisting of Jolly Board , please scroll down the following Link :-

https://contrarianvalueedge.wordpress.com/2013/12/28/delisting-framework-part-iii-seek-uncertainty-on-favorable-terms/

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