Dalmia Bharat Refactories Has No Answers to No Liquidity . No Exit Option , Nothing for Shareholders in Windfall Profits

 For Dalmia Bharat Refractories ' vague replies please click the link ;-

Page 1 of the Reply  is most relevant

https://drive.google.com/file/d/1d-tHqXenrH_Lvk8qF9M7z8xO6E6QSkv3/view?usp=share_link 

 Shareholders  concerns are;-

1 Why there has been no BSE  Listing even 11 months for the merger despite solemn assurance given by Promoterson BSE listing to NCLT Chennai during merger  proceedings ?

2 Why no     Buy Back option has been given to shareholders of Dalmia Bharat Refractories ?

3 Why no direct exchange of shares of RHI Magnesita India to individual shareholders of Dalmia Bharat Refractories ?

4 What will Promoters do with the Rs 1700 crore bonanza. What if they invest this money , buying at artificially inflated rate , some loss making unit ?

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Copy of our Letter to Dalmia Bharat Refractories

 

With due respect , we state the objections to this deal by shareholders of Dalmia Bharat Refractories and also that the deal  , in its present form is bad in Law,

I hold shares of Damia Bharat Refractories in

DP ID  Client

Dalmia Bharat Refractories- Shareholders Demand Liquidity of Their shares and Fair Returns

Dalmia Bharat Refractories has, despite solemn assurances given during Merger proceedings of erstwhile Dalmia Refractories with Dalmia OCL in NCLT , Chennai , have not got its shares listed in BSE, even after 10 months after the sanction of Merger.

Shares of Dalmia Bharat Refractories are currently listed in Calcutta Stock Exchange and Metropolitan Stock Exchange , both of which are Non Operational. 

Dalmia Bharat Refractories had recently made a massive windfall profit by selling its 5 Indian Units , for more than 1700 crore , to RHI Magnesita India.

In order to get a fair share of this bonanza , Public shareholders of Dalmia Bharat Refractories are , also , demanding a Buyback offer . NAV of one share of Dalmia Bharat Refractories has been worked out to be around Rs.600

Amended Scheme proposed by Shareholders

  1 Dalmia Bharat Refractories first transfers its retaining 3 units in China and Germany and Dalmia Bharat Refractories' substantial Equity holding of Dalmia Bharat 's shares to Dalmia Bharat Refractories ' subsidiary Dalmia   OCL Ltd.

2  Shareholders of Dalmia Bharat Refractories be allotted shares of Dalmia OCL proportionately. Dalmia OCL should then be listed on stock exchanges

3 Dalmia Bharat Refractories would be left with 5 Indian units, valued at Rs 1700 crore ,which are proposed to be sold / transferred to RHI Magnesita India.

Then Dalmia Bharat Refractories should be merged with RHI Magnesita India.

4 Shareholders of Dalmia Bharat Refractories be given shares of RHI Magnesita.

This way shareholders of Dalmia Bharat Refractories would get a fair value and they will also get an Exit option.

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Regards ,

Ashwani Kumar Aggarwal

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OLD POST

 

December 04, 2022

Dalmia Bharat Refractories For Justice - SEBI and ,May be , Ministry of Corporate Affairs, New Delhi

Along with SEBI shareholders may take up their issues of  -an Open Offer ,Exit option,BSE Listing  etc etc , with Ministry of Corporate Affairs , by writing to them - Speed Post . Self attested copy of PAN should also be attached.

Ministry of Corporate Affairs

"B-1" Wing, 2nd Floor, Paryavaran Bhawan, CGO Complex, Lodhi Road, New Delhi- 110003.

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For more on Dalmia Bharat Refractories deal with RHI Magnesita ,Inda , please click the link ;

http://www.rareindianshares.info/2022/12/dalmia-bharat-refractories-assets.html