SEBI has directed Calcutta Stock Exchange ( CSE ) that Bharat Nidhi is among 35 Companies which have either to Delist or Relist in a Nation wide Stock Exchange by 24/09/18 or else Bharat Nidhi shares would be put on DB of a Nation wide Stock Exchange.
CSE took up the matter with Bharat Nidhi vide their email dt. 10/8/18.
Bharat Nidhi has replied to CSE vide their intimation dt 21/08/18 that the Board of Bharat Nidhi is in the process of evaluating the options and would take a decision in this regard.
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Source / credit
http://www.dailypioneer.com/city/hc-reprimands--60-defaulters-for-fraud-through-sebi.html
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BLOG COMMENTS
It appears ( which please Recheck ) that Bharat Nidhi and 60 + other companies were bypassing SEBI 's Directions of 2016 ,to companies earlier listed in , now , Defunct Stock Exchanges , to either Relist in an National Stock or give an Exit Route to Non Promoters shareholders, by getting listed in Calcutta Stock Exchange which was a cosmetic move as Calcutta Stock Exchange is Non Operational and listing in CSE is of no use to Investors.
Hon'ble Delhi High Court., vide its Order dt. 20/03/2018, ( Justice Rajeev Shakdher ) in case No. WP ( C) 9846 / 2017 titled Jaspreet Aulakh Vs. SEBI and Another has decreed that Bharat Nidhi and others should ,with in 6 weeks , prepare the groundwork for giving an Exit Route to Investors.
Detailed Order
This is a landmark Judgement in favour of small / Non Promoter shareholders.
CSE took up the matter with Bharat Nidhi vide their email dt. 10/8/18.
Bharat Nidhi has replied to CSE vide their intimation dt 21/08/18 that the Board of Bharat Nidhi is in the process of evaluating the options and would take a decision in this regard.
==================
Please Click
BNL
===========
Blog Caution : Please Recheck All Information Before Taking Any Investment Decision.
============
OLD POST
April 21, 2018
Bharat Nidhi- Hon'ble Delhi High Court-Complete Order
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April 21, 2018
Bharat Nidhi Shareholders to Benefit From Hon'ble Delhi High Court Order
In a significant order pertaining to investors' fraud through the Securities Exchange Board of India (SEBI), the Delhi High Court has reprimanded at least 60 defaulters who through a firm Bharat Nidhi Limited had fraudulently submitted documents that it was enlisted at a Rs non-existent' Calcutta Stock Exchange.
The court has asked them to file affidavit within four weeks and spell out the exit route to be given to its investors as per the SEBI directives, which however has been confronted by the investors that SEBI was at fault for enlisting them even though they did not met certain conditions.
The relief, if granted, will be in the interest of hundreds of shareholders worth thousands of crores of investments and will uphold the mandate of Section 11 of SEBI.
Following the High Court reprimanding last month, SEBI has assured the court that 63 companies will be brought back within 15 days from Calcutta Stock Exchange (CSE) to dissemination board of nationwide stock exchange. SEBI has also committed to the Court to take actions against defiant companies who are not giving exit route to investors.
Source / credit
http://www.dailypioneer.com/city/hc-reprimands--60-defaulters-for-fraud-through-sebi.html
------------------------------------------
BLOG COMMENTS
It appears ( which please Recheck ) that Bharat Nidhi and 60 + other companies were bypassing SEBI 's Directions of 2016 ,to companies earlier listed in , now , Defunct Stock Exchanges , to either Relist in an National Stock or give an Exit Route to Non Promoters shareholders, by getting listed in Calcutta Stock Exchange which was a cosmetic move as Calcutta Stock Exchange is Non Operational and listing in CSE is of no use to Investors.
Hon'ble Delhi High Court., vide its Order dt. 20/03/2018, ( Justice Rajeev Shakdher ) in case No. WP ( C) 9846 / 2017 titled Jaspreet Aulakh Vs. SEBI and Another has decreed that Bharat Nidhi and others should ,with in 6 weeks , prepare the groundwork for giving an Exit Route to Investors.
Detailed Order
This is a landmark Judgement in favour of small / Non Promoter shareholders.
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