Suashish Diamonds Forcibly Buys Out Non Promoter Shares

Suashish Diamonds Delisted in June  2014 at the Exit price of Rs. 242  per Share ( Face Value Rs.10 ).


2016 -The Face Value of One share was increased from original Rs. 10 to Rs. One Lakh Per Share.

Old Trick to eject small Non Promoter shareholders.

Fractional Share consideration  ( @ Rs.242 - same as Delisting rate  years ago ) received . Share holding below 9999 shares forcibly cancelled.

OLD POST

December 21, 2015

Suashish Diamonds to Kick Out Loyal Remainder Public Share holders

Suashish Diamonds Delisted in June  2014 at the Exit price of Rs. 242  per Share ( Face Value Rs.10 ).


http://www.rareindianshares.info/2013/05/suashish-diamonds-delisting-is-exit.html

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Suashish Diamonds is holding an EGM on 05/01/2016 at Mumbai

Now , Suashish Diamonds  intends to compulsorily eject the remainder 1204  loyal small shareholders ( Total shareholders 1217 ) by following the cheap trick of increasing the face value of one share from Rs. 10 paid up to Rs. One Lakh paid up.

http://suashish.com/pdf/EGMNotice.pdf

Promoter Ashish R. Goenka holds 99: 06 % of shares.

As Suashish Diamonds  , now, unlisted , the resultant fractions have been arbitrarily valued at Rs. 242 ( for Rs.10 paid up shares ) ( same at the Exit price determined 2 years back.

 This is totally unacceptable and is sheer loot. 

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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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SEBI must intervene. Laws must be changed to protect the small share holders of Unlisted Companies.

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Same anti small shareholder trick by Promoters of MNC Bosch Chassis ( Kalyani Brakes ) and real estate laden Jolly Boards.

Please Click :-

http://www.rareindianshares.info/2015/12/bosch-chassis-to-oust-loyal-remainder.html

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http://www.financialexpress.com/article/markets/indian-markets/companies-shareholders-must-find-common-ground-on-exit-strategies/133280/

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General Warning : Investment in Shares Can be Injurious to Your WEALTH

Disclosure : The Blog writer in his / family names had  holdings in this Company .

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