Rhodia Specialty Kicking Out Remainder Shareholders ( Non Promoter )

After receiving approval from The Hon'ble Bombay High Court , Rhodia Speciality has cancelled the shares of Non Promoters  ( total 55,681 shares and paid them @ Rs.1200 Per Share , in June , 2016 .

Now , entire holding of Rhodia Speciality Chemicals is with Promoters 

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 Rhodia Specialty Chemicals India Limited ( earlier named Albright And Wilson Chemicals India Limied , earlier incorporated in 1965 as Albright Morarji And Pandit Limited ( of Dharamsi Morarji Chemical Company -DMCC Group )

Rhodia Specialty ( Albright and Wilson ) delisted in 2014 ( @ 1200 ).

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Exit Offer Period was to end on 31/10/2016.

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Promoters , now , hold 98: 35 % of Shares.

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In a surprising  move , Rhodia Specialty , has unilaterally closed the Exit Period prematurely.

This is illegal and should be challenged before SEBI and National Company Law Board as Exit Period cannot be closed prematurely..

In its eagerness to kick out remaining loyal   Non Promoter share holders Rhodia Speicialty Chemicals is resorting to selective Reduction of share capital to compulsorily buy out the Non Promoter shareholders a la Cadbury India style.

The rate at which this Compulsory Buy Out is Rs. 1200 , same as was offered at the time of Delisting 2 years ago.

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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. 

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For Cadbury India Compulsory Buyback , case study :-

http://www.rareindianshares.info/search?q=cadbury+india+

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OLD POSTS

Rhodia Specialty Chemicals - Big Expansion

Rhodia Speciality ( Albright and Wilson ) delisted in 2014 ( @ 1200 )

Belgian Promoters Solvay have great plans for Rhodia . They are making it a Global production base for its Novecare products .

Please study the links :-

http://www.business-standard.com/content/b2b-chemicals/solvay-expands-capacity-of-novecare-s-surfactant-plants-in-india-115100500598_1.html?src=email

http://www.solvayindia.in/en/solvay-in/rhodia-specialty-chemicals-india-limited.html

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