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anuj (Manager Admin)     09 October 2010

BUY BACK OR WHAT ?

Dear  All,

I have 500 shares( in Electronics form)of Essar steel which was previously known as Essar Gujarat, The company had delisted the shares. But  when the company notified the de listing I was abroad .Followed by the company asked for final exit I was also at abroad. So I could not respond. Now I wrote to the company about this , they forwarded the same to the Dataprcessor System ,Chenai who was looking after the de-listing case. The dataprocessor ,Chenainow says tht  only company can ask for buy back,otherwise wecannot do any thing.

Friends-Can any body advice me that , is there any process by  which we can approach to SEBI for this , else company can take any amount of time. Any othe procedure if known please advice.

 

Anuj K mishra,Bhubaneswar



Learning

 2 Replies

V. VASUDEVAN (LEGAL COUNSEL)     09 October 2010

The Company and/or its promotor  can still purchase the shares from the residual shareholders, on a private transaction. Please represent your facts to the Company senior officials - Managing Director/Investor Relation Manager. If they dont consider, ask for the list of shareholders and directly contact a major shareholder for purchase of your shares. In every de-listing and exit scheme, some minority shareholders would remain to exist and you may approcach them. 

vasudevan

Shayan Khan (B.com)     09 October 2010

Agreed with vasudevan,

 

The company is only delisted but you stil are the sharholders. if the senior officers do not heed to you complaints then writ a letter to SEBI.

Thank you! 


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